Commons Sense

House of Commons · Ministers' Questions

Economic Inequality

Tuesday 28 June 2022 · 4 questions

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Answered 1 Partly answered 3 Not answered 0

Key points

  • Ministerial steps include 15 billion in support for vulnerable households, with specific top-ups like 12 million for Liverpool's household support fund.
  • The Government is considering new ideas to unlock private investment into regional British firms through initiatives like the regional angels programme.
  • The Treasury provides targeted support to vulnerable people through fiscal events and bespoke interventions.

Topics (select to filter)

Questions & Answers

Q1 Dan Carden Lab Liverpool Walton
Economy Benefits & Welfare
Context

Recent fiscal measures have been questioned for their effectiveness in addressing economic disparities.

Question

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.

Answer from John Glen

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.

Partly answered

Not addressed: The questioner asked specifically about raising taxes on the highest incomes and billionaires; the answer did not address this directly.

How: We Need Wealth Creators, Government Will Stand By Wealth Creators

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Q2 Dan Carden Lab Liverpool Walton
Economy Taxation
Context

The question is in response to the initial Q&A about fiscal measures for reducing economic inequality.

Question

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?

Answer from John Glen

The Government understand that millions are struggling. Support includes £1,200 for 8 million vulnerable households this year.

Partly answered

Not addressed: The questioner asked specifically about raising taxes on the highest incomes and billionaires; the answer did not address this directly.

How: We Need Wealth Creators, Government Will Stand By Wealth Creators

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Q3 Gareth Davies Con Grantham and Bourne
Economy Business & Trade
Context

The question is about strategies to reduce regional economic disparities.

Question

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?

Answer from John Glen

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.

Answered
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Q4 Meg Hillier Labour (Co-op) Hackney South and Shoreditch
Economy Children & Families
Context

The question is about the adequacy of fiscal measures to help families cope with inflation and cost-of-living pressures.

Question

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?

Answer from John Glen

We make targeted support available to vulnerable people through fiscal events and bespoke interventions.

Partly answered

Not addressed: The questioner asked about additional measures; the answer did not specify what these would be.

How: We Will Continue To Strive For Greater Growth And Productivity

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