National Minimum Wage

Steve Rotheram Excerpts

Wednesday 15th October 2014 Commons Chamber

[Matthew Hancock]

I could not have put it better myself.

The rise in the national minimum wage comes against a background of record job creation, the biggest fall in unemployment since records began—before I or my hon. Friend the Member for Elmet and Rothwell (Alec Shelbrooke) were born—falling youth unemployment, falling long-term unemployment, unemployment of fewer than 2 million and a claimant count of fewer than 1 million; and that is all part of our plan to build from the ruins of the past an economy that works for everybody.

[Steve Rotheram (Liverpool, Walton) (Lab)]

Will the Minister confirm whether, before the worldwide financial crash, he was asking for more or less regulation? Certainly his Chancellor was asking for a lighter-touch regulatory framework, not what, with hindsight, the Minister now claims.

[Matthew Hancock]

In 1998, when the Labour Government removed the requirement to regulate levels of leverage in the City, the Conservative party complained, and it was that removal which led to the crash being bigger in the UK. It was the result of poor regulation of the financial sector. Labour did not fix the roof when the sun was shining, but instead spent money they did not have even before the crash.

Instead of forgetting about the deficit, as Labour does, and ignoring Britain’s economic challenges, we know that a strong recovery underpins a strong society and that we cannot have a strong minimum wage without a strong economy.