Economy Update Debate

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Department: HM Treasury

Economy Update

Rachael Maskell Excerpts
Thursday 26th May 2022

(2 years, 1 month ago)

Commons Chamber
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Rishi Sunak Portrait Rishi Sunak
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I am proud that the minimum wage has gone up significantly this year, which puts £1,000 extra into people’s paycheques. Actually, we have a long-term target to increase it to two thirds of median earnings, which will ensure that it tends to rise faster than inflation in normal times, but I am happy to work with my hon. Friend on making that happen.

Rachael Maskell Portrait Rachael Maskell (York Central) (Lab/Co-op)
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The Chancellor is slowing one crisis while accelerating another: the climate crisis. Why is he investing in hydrocarbons, which should be staying in the ground, instead of investing in retrofitting properties, which would ultimately save energy costs, as Labour has proposed, and would make a real difference to people’s energy bills?

Rishi Sunak Portrait Rishi Sunak
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Unlike the Labour party, we believe in the North sea and in our domestic energy industry. It employs hundreds of thousands of people, and it will help us to increase our energy security, and to transition to net zero. That is why it is wrong to stigmatise it and absolutely right to support it, and to support its investment ambitions as we do.