Chi Onwurah
Main Page: Chi Onwurah (Labour - Newcastle upon Tyne Central and West)Department Debates - View all Chi Onwurah's debates with the HM Treasury
(9 years, 11 months ago)
Commons ChamberAs the hon. Gentleman will know, the Government have instead introduced a permanent bank levy on bankers’ balance sheets, which, according to the Office for Budget Responsibility, will raise £8 billion during the life of this Parliament, and up to £18 billion by 2018-19, so they are paying a fair share towards our economic recovery.
10. What recent estimate he has made of the difference between the rate of inflation and the rate of growth in average earnings since May 2010.
We recognise that times have been tough for hard-working people. However, the Government have taken decisive action in getting more people into work than ever before—cutting taxes for hard-working families through increases in personal allowances, freezing council tax and fuel duty, cutting energy bills, and providing tax-free child care up to £2,000.
In July the Chancellor came to Newcastle to announce that the economy was back on track. Office for National Statistics figures show that the real value of average wages in the north-east has fallen by £1,811 per year since this Government came into power. Is that what he means by “on track”—falling wages for working people and tax cuts for millionaires?
The hon. Lady will know that our economy is recovering from the deepest debt-fuelled recession in living memory. The Institute for Fiscal Studies has made it clear that there have been very significant falls in real earnings as a direct but delayed response to the 2008 recession. In the light of this honest assessment, she will know that the only way to raise living standards in a sustainable way is to tackle the country’s economic problems head on.