Peter Grant
Main Page: Peter Grant (Scottish National Party - Glenrothes)Department Debates - View all Peter Grant's debates with the HM Treasury
(9 years, 2 months ago)
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Jeremy Quin
I am grateful to my hon. Friend for drawing the House’s attention to the many factors that are mitigating the tax credit reforms, including the national living wage, the fuel escalator—my hon. Friend the Member for Croydon South (Chris Philp) referred to that—and the doubling of free childcare provision. As a colleague of mine on the Work and Pensions Committee, my hon. Friend the Member for Gloucester (Richard Graham) will be well aware that it is going to look at some of the detail of how the reforms may affect people. I look forward to engaging with him on that, as well as with the right hon. Member for Birkenhead (Frank Field) and others.
I recognise that there are concerns. However, I urge all hon. Members to remember that we are dealing not with a static environment, but with the most dynamic economy we have known for many years. The positive reforms that the Chancellor is making will have a pronounced ripple effect. Morrisons, Costa Coffee, Sainsbury’s and Ikea are among 200 firms that have already increased pay to meet the national living wage or move above it.
Jeremy Quin
I apologise, but I have given way twice and other people want to speak.
Those pay increases are only part of the story. The ripple effect will continue as those who are on the national living wage see others coming on to it and the pay differentials kick in.