UK Economy

Debate between Debbie Abrahams and Bim Afolami

Monday 19th February 2024 Commons Chamber

[Bim Afolami]

I will take away the hon. Gentleman’s specific point and ensure that the Treasury gets back to him, but his broader point about offshore oil and gas in the North sea is very important. It is critical that we support the oil and gas sector, not just for the tax revenues but for the livelihoods and prosperity of the United Kingdom, and this Government stand four-square behind it.

[Debbie Abrahams (Oldham East and Saddleworth) (Lab)]

There is overwhelming evidence that the lower the economic inequalities, the higher economic growth will be. We know from the Office for National Statistics that between 2021 and 2022 the disposable incomes of the poorest fifth of households shrank by 3.4% while those of the richest fifth increased by 3.3%, and that reflected the position in the preceding 10 years. What assessment has the Minister, or the Chancellor, undertaken to estimate the impacts of these increasing inequalities on our shrinking growth?

[Bim Afolami]

When we are talking about people at the bottom end of the income scale, it is important to note that those on the full-time national living wage—which we will be increasing by the largest ever amount in April this year—will be 30% better off than they were in 2010.