Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what assessment he has made of the effect of falling oil prices on the ability of businesses to pay salary increases.

Falling oil prices will provide a further boost to the UK’s GDP, which in 2014 grew faster than any other major advanced economy. Cheaper oil and low inflation will support living standards across the country for hardworking families and reduce business costs. Wages are rising faster than inflation, and the OBR expect that trend to continue.