Abena Oppong-Asare
Main Page: Abena Oppong-Asare (Labour - Erith and Thamesmead)Department Debates - View all Abena Oppong-Asare's debates with the HM Treasury
(2 years, 6 months ago)
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Abena Oppong-Asare (Erith and Thamesmead) (Lab)
Under this Conservative Government, people’s savings have declined by record levels. Data from the Office for Budget Responsibility shows that the amount of income households are able to save is set to fall by more than £1,000. This Tory cost of living crisis is pushing people into debt, yet one Government Minister said yesterday that, if people are struggling, they should simply work more hours and get another job. Will the Chancellor confirm that “Get on your bike” is official Conservative economic policy once again?
Rishi Sunak
There is an enormous amount to correct in the hon. Lady’s question. In aggregate, across the economy, savings increased over the past two years by more than £250 billion. Of course, that will not be distributed equally, but there is resilience. Consumer credit, on which those on lower incomes particularly rely, has also fallen by about £30 billion over the past two years. Households approach this period of difficulty in a more resilient shape than at any point in the past decade.
The comments by the Under-Secretary of State for the Home Department, my hon. Friend the Member for Redditch (Rachel Maclean), are absolutely right. It is wrong to take them out of context. This party and this Government are proud to be on the side of hard-working people. We want to support them into work, and we want to make sure that work pays. She was absolutely right to say what she said.