Richard Madeley has urged the Tory government to introduce a windfall tax on energy firms who are benefitting from the rise in prices.
The ITV Good Morning Britain ( GMB ) host said he would make a bet with the Foreign Secretary Liz Truss that the government would perform a u-turn on the Labour plan.
Keir Starmer 's Labour Party has been calling on Boris Johnson and Chancellor Rishi Sunak to implement a tax to help families across the country to deal with the cost-of-living crisis.
Tory MPs voted down a windfall tax on energy companies on Tuesday, however Labour is now calling for an emergency budget to help people get through the crisis.
Before questioning Truss on the tax Madeley said he would bet with the Tory MP that Johnson's government would u-turn on its stance.
On windfall tax, Madeley said: "Why don't you just do it?
"You've got total public support for it, you've got support from at least one of the major energy companies.
"It would make a real difference straightaway to people, why don't you just do it?"
Truss replied: "Because we want a low tax economy that attracts investment for the future and protects the long term future of our economy against these global headwinds.
"I really understand that households and people are facing a very, very difficult time at the moment.
"We've cut fuel duty, we've provided a household support budget for those families that are struggling and it's a difficult time right across the world."
It was announced earlier that inflation soared to 9% in the year to April, up from 7% in March.
It was the fastest measured rate since records began in 1989, and the Office for National Statistics estimates it was the highest since 1982.
Asked what the Government will do to assist with the cost of living amid rising inflation, if not impose a windfall tax on the profits of oil and gas giants, Truss told GMB: "We ... need to make sure that the long term future of the British economy is positive.
"We've got the lowest unemployment since 1974. That's a positive thing. But now we need to get the economic growth up.
"We need to attract investment, and this is why having a low tax economy is so important. We're competing for investment with other countries."
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