(10 years, 11 months ago)
Commons ChamberI will not, because my time is limited. I have already taken two interventions.
I am sure that, as the economy recovers, living standards will recover as well, but there is a short-term problem and a long-term problem. The short-term problem is the need for us to recover from the recession, which, as we all know, will take several years. The long-term problem is that, while those in the western world who have benefited from globalisation—particularly people at the higher income scale working in, for instance, financial services—can secure large rewards, many people in ordinary jobs have not managed to increase their living standards. That is a feature of the United States economy and it may be a feature of ours, which is why the Government are interested in apprenticeships and are trying to make our education system far more robust and resilient.
Statistics issued by the OECD the other day demonstrated the importance of ensuring that people are proficient in English and maths and that we have a skilled work force, because that enables those people to generate income and higher living standards. I think that the Government have the right instincts and the right answers, but the fact is that it will take a long time to sort the problem out.