I am very proud of the record of this Government and previous Conservative-led Governments over the past decade of significantly reducing the number of people living in poverty and reducing income inequality. In February we published the levelling up White Paper, which seeks to address the very striking regional disparities our country.

The hon. Gentleman is simply wrong. By raising the primary threshold to £12,500, we have ensured that the first £12,500 that anyone earns is completely free of national insurance and income tax. The independent Institute for Fiscal Studies has called it 'the best way to help low and middle earners through the tax system'.

The number of people living in absolute poverty has fallen by more than 1 million since the Conservative-led Government were elected in 2010. Public spending is growing at a record rate, both on investment and day-to-day spending.

Over the past 10 years, we have reduced the number of people in poverty. Public spending is growing at a record rate, both on investment and day-to-day spending, to support public services.

My hon. Friend is absolutely right. We are now seeing proof of that policy, with yet another announcement of more investment and job opportunities for his constituents.

In aggregate, across the economy, savings increased over the past two years by more than £250 billion. Consumer credit has also fallen by about £30 billion over the past two years.