Polly Billington
Main Page: Polly Billington (Labour - East Thanet)Department Debates - View all Polly Billington's debates with the HM Treasury
(1 month, 3 weeks ago)
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Kirsteen Sullivan (Bathgate and Linlithgow) (Lab/Co-op)
Ms Polly Billington (East Thanet) (Lab)
The Chancellor of the Exchequer (Rachel Reeves)
This is likely to be the last time that the shadow Chancellor, the right hon. Member for Godalming and Ash (Jeremy Hunt), is up against me at the Dispatch Box. We have had the privilege of these exchanges for just over two years now, and I have a huge amount of respect for him. He steered our country through a very difficult time after the mini-Budget, and I wish him well in whatever he chooses to do next.
If UK living standards, as measured by real household disposable income per capita, had grown by the same amount between 2010 and 2023 as they did between 1997 and 2010, the amount would have been over £4,000 higher in 2023. We are committed to boosting economic growth to turn that around. Although it will have been welcome news for millions of families that inflation is now below 2%, there is still more to do. Earlier this month, we delivered our first international investment summit, announcing over £60 billion of investment and unlocking nearly 38,000 jobs in the UK, all focused on creating and spreading opportunities to lift living standard.
Rachel Reeves
I thank my hon. Friend for her question and congratulate her on her great work on the Co-op’s food justice policy. As she knows, we are right behind her in our commitment to raise living standards across the country. We made a manifesto commitment to update the remit of the Low Pay Commission so that, for the first time ever, it will take into account the cost of living when making recommendations about the minimum wage.
Ms Billington
As my right hon. Friend will be aware, coastal communities such as mine struggle with a low-pay, low-skill economy. Does she acknowledge the importance of the minimum wage in tackling this problem and supporting our communities and local economies?
Rachel Reeves
My hon. Friend is absolutely right. It is why we will ensure that the Low Pay Commission takes into account the cost of living, and why we will close the gap between the youth rate of minimum wage and the overall rate, so that all adults can be paid a fair wage for their work.