Oral Answers to Questions
Debate between Joe Morris and Rachel Reeves(3 weeks, 2 days ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
The Chancellor of the Exchequer (Rachel Reeves)
This is likely to be the last time that the shadow Chancellor, the right hon. Member for Godalming and Ash (Jeremy Hunt), is up against me at the Dispatch Box. We have had the privilege of these exchanges for just over two years now, and I have a huge amount of respect for him. He steered our country through a very difficult time after the mini-Budget, and I wish him well in whatever he chooses to do next.
If UK living standards, as measured by real household disposable income per capita, had grown by the same amount between 2010 and 2023 as they did between 1997 and 2010, the amount would have been over £4,000 higher in 2023. We are committed to boosting economic growth to turn that around. Although it will have been welcome news for millions of families that inflation is now below 2%, there is still more to do. Earlier this month, we delivered our first international investment summit, announcing over £60 billion of investment and unlocking nearly 38,000 jobs in the UK, all focused on creating and spreading opportunities to lift living standard.
Joe Morris
The Conservatives oversaw a living standards disaster. In places such as Hexham, Prudhoe and Throckley in my constituency, people saw hardly any improvements to their incomes in over 14 years. Surely the clearest sign of whether government is working is whether working people feel better off. Does the Chancellor agree that papering over Tory failure is not enough, and that in tomorrow’s Budget we must reset the foundations of our economy?
Rachel Reeves
My hon. Friend is right: the previous Parliament was the worst ever recorded for living standards. Tomorrow’s Budget is an opportunity to fix that and turn the page so that we can start delivering for families in Hexham and all around the country.