G20

Bill Esterson Excerpts

Monday 9th September 2013 Commons Chamber

[The Prime Minister]

My hon. Friend is absolutely right. As well as looking at the big banks and how we nurse them back to health—some good progress has been made there—we also need to encourage what are called “challenger” banks, and new lenders into the British economy. Those can be crowdsource funders as well as new start-up banks, or businesses such as supermarkets that are getting into banking. We should be encouraging all those things for a more competitive sector.

[Bill Esterson (Sefton Central) (Lab)]

Staying with the economy, those who moved their bonuses to April to take advantage of the cut in the top rate of tax undoubtedly feel that there has been a recovery. Does the Prime Minister understand that for people on zero-hours contracts, or wages that are £1,500 lower than they were three years ago, there has been no recovery? Where is the good news from the G20 for the vast majority of ordinary people in this country?

[The Prime Minister]

Of course I understand that times have been incredibly tough for people, many of whom have not seen an increase in their wages yet they have seen prices rising. The key is that if we want a proper recovery in living standards, we have to see three things: a growing economy, which we now have; reductions in personal tax rates, which we are doing by lifting the allowance; and we must keep inflation under control so that we get low interest rates and low mortgage rates. All three of those things are happening under this Government, but if we had listened to the Labour party, I do not think that any of them would be happening.