Pay

Treasury written question – answered on 9th September 2013.

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Photo of Jim Sheridan Jim Sheridan Labour, Paisley and Renfrewshire North

To ask the Chancellor of the Exchequer whether he has set a target for the increase of real wages in the UK.

Photo of Sajid Javid Sajid Javid The Economic Secretary to the Treasury

The UK economy is recovering from the most damaging economic and financial crisis in generations. The flexibility of real wages in responding to this shock has helped to maintain employment and support total household incomes.

The Government's flexible approach to employment regulation, which allows wages to be agreed between firms and individuals depending on a range of factors, such as inflation and local labour market conditions, has helped businesses to create more than 1.3 million jobs in the private sector since early 2010. The Government believes this is the right approach and would not wish to impose wage levels for business above the statutory minimum of the national minimum wage.

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