Economic and Social Inequality

Lord Davies of Oldham Excerpts

Thursday 18th June 2015 Lords Chamber

[Lord Davies of Oldham (Lab)]

My Lords, my noble friend Lord Howarth mentioned the IMF report. The report rejects the trickle-down effect, rejects the idea that increased inequality makes economies more dynamic and counsels that the best way to stimulate economies is to support the worst-off 20% in any country, and—wait for it—the other aspect would be to increase the strength of trade unions. What is the ministerial response to this report?

[Lord Ashton of Hyde]

My Lords, we do not agree with that.