Dáil Éireann Debate, Wednesday - 25 February 2026
85. Deputy Richard Boyd Barrett asked the Tánaiste and Minister for Finance whether he is aware that the Bank of England is considering introducing price controls to control the cost of living (details supplied) and whether he would consider the same here. [15380/26]
View answerI am advised that the Bank of England has no role in the introduction of price controls in the UK.
It is important to note that Governments across Europe have introduced a wide range of measures to help absorb the worst impact of rising prices over the last four years - part of which was due to Russia's invasion of Ukraine.
In Ireland, like elsewhere, the policy response included transfers to households, as well as measures that directly influence the price of goods and services. For instance, in relation to the latter, this Government extended the reduced VAT rate on gas and electricity until 2030 in Budget 2026.
More generally, analysis from my Department confirms that lower income households gained the most from the measures introduced in Budget 2026, with gains in the bottom two cohorts of 4.9 per cent and 3.8 per cent, respectively.
It is important to note that, on average, increases in wages and core welfare rates are in excess of price increases. This will help support the purchasing power of households over the coming period.
