Part of Oral Answers to Questions — Treasury – in the House of Commons at 12:00 am on 11 September 2018.
Philip Hammond
The Chancellor of the Exchequer
12:00,
11 September 2018
Today’s data show regular wages growing at the fastest rate for three years. The Office for Budget Responsibility forecast that wages will continue to grow, reaching 3.5% by 2021, while consumer prices index inflation will continue to fall, reaching the target of 2% by the end of this year. That is welcome news for everybody. Nevertheless, the Government recognise the pressure on household budgets, which is why we introduced the national living wage, delivering a 7% pay rise in real terms for the lowest paid from April 2015 to April 2017. It is why we raised income tax thresholds, saving the average taxpayer more than £1,000 this year and, at the last Budget, froze fuel and alcohol duties for a further year.