Living Standards: Inequality - Question

Part of the debate – in the House of Lords at 2:30 pm on 7 March 2017.

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Photo of Baroness Neville-Rolfe Baroness Neville-Rolfe The Commercial Secretary to the Treasury 2:30, 7 March 2017

My Lords, I think we have to have a little context. Savings are necessary to reduce borrowing and to put the public finances back on a sustainable footing after the financial crisis. Between 1980 and 2014, spending on welfare trebled in real terms to £96 billion, while GDP increased by much less. Our approach is a different one. We are committed to supporting working families with a whole host of measures to get people back into work, to innovate, to grow and to put the country on a good footing. It is only a forecast from the Resolution Foundation. Forecasts are not always right, and we are determined to make the changes we need for this country.