Chancellor of the Exchequer, said:
“Growth in real wages means that people are starting to feel the
benefit of more money in their pockets; another turning point as
we build a stronger, fairer economy.
“We can be proud of our record on jobs. The unemployment rate is
at it’s lowest in over 40 years and with our National Living Wage
we are making sure that the lowest-paid feel the benefit with an
extra £2,000 a year.
“Now the focus has to be on ensuring that wages keep rising
faster than inflation, so that living standards increase.” ENDS.
Further information
- Real regular
wage growth (on a CPI basis) grew by 0.1% for the 3 months to
March.
- We are helping
families with the everyday cost of living by:
- Increasing
the National Living Wage, the latest increases represents an
increase in annual pay of over £600 for a full-time worker.
- Increasing
the Personal Allowance, meaning a base rate taxpayer pays
over £1000 less income tax than in 2010/11.
- Freezing
fuel duty for the eighth successive year, saving the average
driver £850, compared to the pre-2010 escalator plans.
- Capping
energy prices, cutting monthly bills for millions of
families.
- We have
abolished Stamp Duty on first-time buyers for homes under
£300,000 and reduced it for homes between £300,000 and £500,000.
More than 60,000 first time buyers have already benefited.
