Incomes and Prices

Lord Sikka Excerpts

Monday 31st October 2022 Lords Chamber

[Viscount Younger of Leckie (Con)]

I have said already that the unions play an important part through their role in representing workforces, and I stick by that, but it is not just that. There is the amount of support that we are giving over and above it. The noble Lord mentioned the energy price guarantee, but millions of the most vulnerable households will receive £1,200 of support this year through the £400 energy bills support scheme, the £150 council tax rebate and the one-off £650 cost of living payment. It is to do with how much they earn, but also how much we can stretch their pockets.

[Lord Sikka (Lab)]

Earlier, the Minister referred to the inflationary pressures from wage rises. Why is he silent on the inflationary pressures caused by corporate profiteering, especially from energy companies, escalating executive pay and the billions being spent on share buybacks and dividends? Could he explain why he is being inconsistent?

[Viscount Younger of Leckie (Con)]

The noble Lord will be aware that there is already a levy on energy companies. In terms of those earning at the higher level, I said in response to a question last week that I thought that raising the cap on bankers’ bonuses, for example, was a very good thing. It is very important that we attract the very best people from around the world as our investment bankers, who might bring in about £30 million just on one deal. It is better that it comes into the UK than to Frankfurt, Paris or New York.