(1 year, 9 months ago)
Lords ChamberI thank my noble friend for that question. I saw that article myself and I was surprised by it. It is not for me to comment on the tour practices of the Old Lady of Threadneedle Street, but this is certainly worth further inquiry.
I want to come back to the issue of paid care workers. Care workers are skilled workers who are often subject to low wages and poor working conditions. Without urgent reform, this sector will continue to suffer from high vacancies that jeopardise the quality of care. Currently there are 165,000 vacancies, an increase of 55,000 from last year. Is not the answer that if more money is provided to these skilled workers, many of the problems the care sector faces will no longer exist?
I appreciate the noble Lord’s point. It is an incredibly important sector, and the approximately 1.5 million people who work in it are to be cherished and celebrated. The Government have put £7 billion into the sector over the last two years, which clearly is a follow-on from the crisis we faced during Covid. I will be pleased this afternoon to place a statutory instrument before this House to raise the national living wage and the minimum wage by a substantial 9.7%. All these things will help, but I am always aware that we must do all we can to support that important and vital sector.