Kit Malthouse – 2022 Statement on the Cost of Living

The statement made by Kit Malthouse, the Chancellor of the Duchy of Lancaster, on 31 August 2022.

My chief priority has been to make sure that we are prepared for the significant challenges we expect to face this autumn and winter, and I have held regular meetings to make sure departments maintain pace and grip on this essential work now, and in the coming months, as this will be a marathon not a sprint.

The cost of living, driven in part by higher energy prices, is biting for individuals, families and businesses, and the NHS is already under pressure – and that’s ahead of the flu season. These risks have potentially severe impacts, stacking up on the most vulnerable people in society, and it is vital that we develop robust plans urgently to mitigate their impact and come up with solutions.

I’ve tasked departments with identifying the key operational decisions that should be taken without delay across priority risks such as health, energy, cost of living, supply chain disruption, labour market shortages, and industrial action, that have the potential to compound together. They will also map out the key moments over the next 18 months where specific groups of society may be significantly impacted, including the clinically vulnerable, socially and economically deprived, the elderly, the young, and the disabled, and produce further options so that decisions can be made quickly once a new administration is in place.