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Written question asked by Jonathan Lord (Conservative) on Friday, 4 October 2019, in the House of Commons. It was due for an answer on Tuesday, 8 October 2019. It was answered by John Glen (Conservative) on Tuesday, 8 October 2019 on behalf of the Treasury.

Inflation and Pay

Question

To ask the Chancellor of the Exchequer, what comparative assessment he has made of rates of wage growth and inflation.

Answer

The fundamentals of the British economy are strong – wages are growing at the fastest rate in over a decade, employment is at a joint record high and the unemployment rate is at its lowest in over 40 years. Inflation has been at or around target since the start of 2019, and as a result wages have now outpaced inflation on a CPI basis for over a year.

On 1 April 2019, we increased the National Living Wage by 4.9% to £8.21 - an above inflation increase which meant that a full-time worker on the National Living Wage would be earning £690 more over the coming year. Supported by the National Living Wage, the lowest earners have seen their wages grow by 8% above inflation between April 2015 and April 2018.

Secondary information

Type
Written question
Reference
294713
Session
2017-19
Subjects
Inflation Pay
Contains statistics
Yes
Link
View this Written question on www.parliament.uk