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Charter for Budget Responsibility

Let us look at what is happening outside in the real world. We welcome the growth in employment, but we have also experienced the biggest fall in wages among OECD countries over the past seven to 10 years—the figure of 10.4% is matched only by Greece. One in five employees in this country were low-paid in 2015. Mark Carney has called this the biggest lost decade for income growth since the 1860s. The number of self-employed people has increased

dramatically, but on average they earn less than 20 years ago. So, yes, I welcome the growth in employment, but I do not welcome the growth in poverty pay, whether for the self-employed or those being exploited on zero-hours contracts.