Oral Answers to Questions

Diane Abbott Excerpts

Tuesday 8th April 2025 Commons Chamber

[Emma Reynolds]

I work closely with the mutuals and other financial services firms, and I think the hon. Member is slightly jumping the gun, if he does not mind my saying so. We are considering options to reform ISAs, but we need to get the balance right between cash and equities. We know that many people have investments in cash ISAs who could think about investing in our capital markets, which would be a win for them through higher returns, and also for the economy. However, we absolutely understand the role that cash savings play in people having money for a rainy day.

[Ms Diane Abbott (Hackney North and Stoke Newington) (Lab)]

13. What steps she is taking with Cabinet colleagues to support people on the lowest incomes following the spring statement 2025.

[The Exchequer Secretary to the Treasury (James Murray)]

Helping people into good work and financial independence is at the heart of our approach to supporting people on the lowest incomes. That is why we have increased the national living wage by 6.7%, which is equal to £1,400 this year for someone working full-time. Our plan to make work pay will tackle the poor job security and working conditions that have been holding back our economy, and the pathways to work Green Paper announced an additional £1 billion investment in employment, health and skills support.

[Ms Abbott]

It is all very well for the Minister to talk about helping people into work, but is he aware of the many millions of people on personal independence payments who rely on them in order to work? Yet that PIP will be slashed as a consequence of the spring statement. Is he also aware that very many people would prefer the Government not to balance their books on the backs of some of the poorest and most vulnerable people in our society? Why are the Government rejecting a tax of just 2% on people with assets of over £10 million, which would raise over £24 billion?