Asked by: Martin Horwood (Liberal Democrat - Cheltenham)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessment he has made of the effect of income inequality on national wellbeing.
Answered by Andrea Leadsom
The Government has not made an assessment of the effect of income inequality on national wellbeing. However, income inequality remains lower than when this Government came into office.
The Office for National Statistics estimates that individuals in households with higher incomes report higher life satisfaction and happiness, and lower anxiety. Wellbeing increases fastest in relation to increases income for those on the lowest level of income, and receiving a greater proportion of income from cash benefits is associated with lower wellbeing. The Government’s economic plan is focused on creating jobs and making work pay, while reducing reliance on benefits.
Asked by: Martin Horwood (Liberal Democrat - Cheltenham)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessment he has made of the recommendation of the All-Party Parliamentary Group on Wellbeing Economics that stable and secure employment for all should be the primary objective of economic policy.
Answered by Andrea Leadsom
Since the financial crisis the government's long term economic plan has provided the foundations for the current recovery, which is now well established. The government has continued to take the difficult decisions needed to secure a stronger recovery for all and build a fairer society.
The latest official labour market figures show that employment in the UK is at its highest ever level, 30.76 million, an increase of 1.7 million since the Coalition entered office. Over the same period the level of redundancies has fallen by 45 per cent.