Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make an assessment of the potential impact of trends in the level of labour on levels of pay.

Labour demand remains strong. The unemployment rate fell to 3.6% in the three months to July, its lowest rate since 1974. Redundancies are close to record lows, 40% below pre-pandemic levels.

The latest data indicates that nominal pay growth was 5.5% in three months to July.

There are now more vacancies (up 54% on pre-pandemic levels) than unemployed people for the first time. The Growth Plan announces measures to get more people back into work which, together with the agenda to boost productivity, will drive higher employment, wages and economic growth.