Why it's time for a task force to confront cost of living crisis head on: Greg Wright

At the same time, banks have been accused by Veterans minister Jonny Mercer of “profiteering” by failing to pass on interest rate increases to savers while hiking the cost of mortgages.

So what’s to be done? In fairness to the Government, many of the factors which have contributed to this crisis are beyond its control. The war in Ukraine, for example, continues to cast a cloud over the global economy.

But there is a case for the Government assembling a non-partisan task force - a modern day ‘Ministry of all the Talents’ - to ensure Britons get a fair deal. A team comprising, say Mr Lewis and a host of other independent industry figures, could provide insights and potential solutions during a period of intense strain on household budgets

During times of crisis, there have often been calls for the creation of a body which can rise above the petty point-scoring of party politics and serve the greater good.

We can find inspiration, of a kind, from the original ‘Ministry of All the Talents’, which was a national unity government formed in 1806, while war raged in continental Europe. For a few months, feuding politicians buried their personal grievances and presented a united front during a time of crisis. Although it collapsed a year after its formation, the Ministry achieved one great deed during its brief life. It secured the passage of legislation to abolish slavery, which places it among the greatest coalition administrations in history. Sometimes it pays to lift your eyes above the heat and passion of partisan conflict.

But back to the present day. The scale of the crisis facing consumers around Britain has been eloquently outlined by Mr Lewis and a host of other commentators.

When he appeared on ITV’s Good Morning Britain, Mr Lewis highlighted concerns about “inflation, prices..going up and the economy’s teetering on the brink of recession… And it is a nightmare scenario. And it is very difficult for any politician to know what to do. Or me, or you.”

The Government has tried to get on the front foot. A new mortgage charter has been agreed by lenders representing around 85 per cent of the mortgage market, following a meeting between Chancellor Jeremy Hunt and the banks. Under the charter, lenders will allow customers who are up to date with their payments to switch to interest-only payments for six months or extend their mortgage term to reduce their monthly payments.

Although this and other Government interventions are laudable, a more strategic approach is required.

Why not create a Government-commissioned task force to tackle the cost of living crisis head on? There are, of-course, no easy answers but an expert panel might devise creative policies to provide respite for families who just want a place to call home.

Greg Wright is the deputy business editor of The Yorkshire Post