Economic Inequality 2022-06-28
2022-06-28
TAGS
Response quality
Questions & Answers
Q1
Partial Answer
▸
Context
Recent fiscal measures have been questioned for their effectiveness in addressing economic disparities.
What recent fiscal steps he has taken to help reduce economic inequality. The Economic Secretary will know that HMRC payroll data shows the top 1% pay rose three-and-a-half times faster than the bottom 10%, whose pay increases were wiped out by inflation and price rises. During one year of the pandemic, each UK billionaire saw their wealth grow by £630 million on average.
We need wealth creators, but we also recognise economic strains. Three quarters of £15 billion support goes to vulnerable households, including specific top-ups like £12 million for Liverpool's household support fund.
▸
Assessment & feedback
The questioner asked specifically about raising taxes on the highest incomes and billionaires; the answer did not address this directly.
We Need Wealth Creators
Government Will Stand By Wealth Creators
Response accuracy
Q2
Partial Answer
▸
Context
The question is in response to the initial Q&A about fiscal measures for reducing economic inequality.
When we look at wealth, during one year of the pandemic each UK billionaire saw their wealth grow by £630 million on average. While the rich get richer, the working-class communities I represent get poorer. When will the Treasury look at raising taxes on the highest incomes and taxing the wealth of billionaires in order to invest in communities and UK infrastructure?
The Government understand that millions are struggling. Support includes £1,200 for 8 million vulnerable households this year.
▸
Assessment & feedback
The questioner asked specifically about raising taxes on the highest incomes and billionaires; the answer did not address this directly.
We Need Wealth Creators
Government Will Stand By Wealth Creators
Response accuracy
Q3
Direct Answer
▸
Context
The question is about strategies to reduce regional economic disparities.
One way to tackle regional economic inequality is to ensure that our regional businesses are able to attract investment. Will my hon. Friend outline what more we can do to ensure that we unlock more private investment into Britain's firms of the future?
The Government are looking at new ideas. The regional angels programme and reforms to financial services for FinTech and banks to make them more accessible to regional businesses.
▸
Assessment & feedback
Response accuracy
Q4
Partial Answer
▸
Context
The question is about the adequacy of fiscal measures to help families cope with inflation and cost-of-living pressures.
As my hon. Friend highlights, Government handouts are being wiped out by inflation and cost-of-living rises. One in two children in my constituency live in poverty. What further steps will the Treasury take?
We make targeted support available to vulnerable people through fiscal events and bespoke interventions.
▸
Assessment & feedback
The questioner asked about additional measures; the answer did not specify what these would be.
We Will Continue To Strive For Greater Growth And Productivity
Response accuracy