Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the impact of slowing wage growth on household finances and consumer spending; and what steps they are taking to mitigate any negative impact.

Real wages have increased for seven consecutive months and are 1.1% above their pre-pandemic level.

ONS retail sales volumes increased by 3.4% on the month in January, representing a full recovery of the decline seen in December 2023.