Lord Peston
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Economic Inequality
Lord Peston Excerpts(10 years, 9 months ago)
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Lord Peston (Lab)
My Lords, I must apologise to your Lordships for being an economist and for allowing some economics to get into an economics question. Is the Minister aware of the research evidence on these matters, which is that we need some inequality in our society in order to provide a proper incentive system? However, it is possible—and it is almost certainly the case in our country—that we have far too much inequality, which is a disincentive to economic growth. The Government do not seem to understand that, but when the Labour Government take over next year they will understand it and will deal with the matter.
Lord Newby
My Lords, that is no doubt why we inherited such rosy economic circumstances.