The Financial Secretary to the Treasury said that the Government has spent £22billion helping with the cost of living. Ms Fraser began by arguing that the cost of living crisis and the rise of inflation was a “worldwide” problem.
She said: “This is a worldwide problem, and the IMF, OECD and World Bank have all warned that high inflation is the most acute challenge globally.”
At this point host, Fiona Bruce interrupted and pointed out that the UK had the “highest inflation” of any G7 country.
She said: “That, of course, is true, but the UK has the highest inflation of any G7 country.
“So in France, it’s 4.8 percent, Japan it’s 2.1, Germany 7.4 and we are 9.”
In response, Ms Frazer claimed that the UK was experiencing high inflation now because it had grown so much last year.
She said: “Our growth increased over the course of the last year, we were the fastest-growing economy in the G7.
“We’ve slowed this year because we grew so strong last year.
“Lucy was right to say that inflation and the control of inflation is primarily the responsibility of the Bank of England.
“And the plan is threefold is to encourage businesses to invest in capital, to invest in skills and people and to encourage innovation.”
Ms Frazer and Ms Powell were joined on the Question Time panel by SNP MP Alyn Smith, ex-Home Office adviser Mo Hussein and the Institute of Economic Affair’s head of media Emily Carver.
Ms Bruce and the BBC Question Time team will return next Thursday in Belfast.
After paying a visit to the Northern Irish capital, BBC Question Time will venture to Dorking in Surrey.
However, the flagship political panel show will then take a short week-long sabbatical as Brits celebrate the Queen’s Platinum Jubilee on June 2.