Personal Incomes

Part of Oral Answers to Questions — Treasury – in the House of Commons at 12:00 am on 16th January 2018.

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Photo of Philip Hammond Philip Hammond The Chancellor of the Exchequer 12:00 am, 16th January 2018

The hon. Gentleman makes an absolutely correct point. In the long run, higher wages can be delivered only through increased productivity. That means investment in infrastructure, investment in skills and training, and investment in research and development—with both public funding and tax incentives for private funding—and it means ensuring that capital is available for businesses to invest in the equipment that will raise the productivity of their workers. The Government’s ambition is for a high-wage, high-skilled economy, and we are investing to deliver that.