Nick Smith
Main Page: Nick Smith (Labour - Blaenau Gwent)Department Debates - View all Nick Smith's debates with the HM Treasury
(9 years, 10 months ago)
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Nick Smith (Blaenau Gwent) (Lab)
11. What recent assessment he has made of the difference between the rate of inflation and the rate of growth in average earnings since May 2010.
The Exchequer Secretary to the Treasury (Mr David Gauke)
Times have been tough for hard-working people. As Paul Johnson of the Institute for Fiscal Studies said on 6 December:
“There have been very significant falls in real earnings as a direct but delayed result of the 2008 recession, essentially.”
As the Bank of England and the IFS have said, the best way to support living standards is to improve productivity and by sticking to the Government’s long-term plan to build a stronger economy.
Nick Smith
Real wages have fallen in Blaenau Gwent, partly due to poor access to labour markets. What progress is being made to speed up rail electrification for the valleys, which would boost earnings? The Chief Secretary said that he would look into the matter six months ago. What has happened?
Mr Gauke
There is an agreement with the Welsh Government on that, but as I said a moment ago, this Government have an infrastructure plan. Up and down the country progress is being made to improve our transport infrastructure. That is part of our long-term economic plan. The hon. Gentleman will also be aware that in his constituency the number of jobseeker’s allowance claimants is down 20% over the past year.