Spring Statement

Sam Rushworth Excerpts

Wednesday 26th March 2025 Commons Chamber

[Rachel Reeves]

If we look at financial markets and follow them closely, we can see that the increases in bond yields in the UK, France and Germany have closely tracked each other. Global financial instability has affected countries around the world, and that is why it is so important that we continue to meet our fiscal rules, as I have set out today.

[Sam Rushworth (Bishop Auckland) (Lab)]

A moment ago, the hon. Member for Clacton (Nigel Farage) mentioned GDP per capita; I see that he asked his question and ran away. The truth is that GDP per capita increased by only 4.3% in the past 16 years, compared with 46% in the years prior. What matters to my constituents in the left-behind towns and villages of Bishop Auckland is not just growth, but growth that they can feel, and which has an impact for their pockets. What will the Chancellor do to ensure that working people feel the growth?

[Rachel Reeves]

My hon. Friend is absolutely right. The Government want people in Bishop Auckland and constituents in all parts of our country to feel the benefits of growth through good jobs paying decent wages. That is why we are increasing the national living wage; making work pay; and backing the builders—not the blockers—who are creating new jobs, new homes for families, new transport infrastructure and new energy infrastructure. The OBR has said today that, compared with the plans we inherited, real household disposable income per person is set to rise by £500 by the end of this Parliament. That shows the difference that the Government are making.