Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what assessment he has made of the effect of income inequality on national wellbeing.

The Government has not made an assessment of the effect of income inequality on national wellbeing. However, income inequality remains lower than when this Government came into office.

The Office for National Statistics estimates that individuals in households with higher incomes report higher life satisfaction and happiness, and lower anxiety. Wellbeing increases fastest in relation to increases income for those on the lowest level of income, and receiving a greater proportion of income from cash benefits is associated with lower wellbeing. The Government’s economic plan is focused on creating jobs and making work pay, while reducing reliance on benefits.