Tuesday’s Spring Statement demonstrated a renewed commitment from this Labour Government to continue with our plan to grow the economy, invest in communities and drive living standards, ensuring that people of all ages can thrive.
This Labour Government has already cut the cost of living, with £150 slashed off energy bills and rail fares frozen for the first time in 30 years. We’re giving people a pay rise by putting up the Minimum Wage and the National Living Wage, with 18-20year olds seeing the Minimum Wage rise to £10.85 an hour and the Living Wage rise to £12.71 an hour. Labour has already put up wages more since the start of this Parliament than the Tories did in ten years from 2010.
Inflation is now falling faster than forecast at the Budget. Labour knows that keeping inflation low and as stable as possible is the best way to support families and reduce financial pressures.
We’re continuing to prioritise investment in our communities. The Pride in Place initiative will see £20million of investment in East Speke over the next decade. From April, three local schools will be opening one of Labour’s free breakfast clubs, benefitting 1057 children locally and helping to raise attainment.
With the removal of the two-child limit in Universal Credit we’re lifting 450,000 children out of poverty, with 2,280 of those living in Liverpool Garston. We know that a child growing up in poverty is less likely to work as an adult and will earn 25% less aged 30 and we’re doing something about it.
We’re also investing in our NHS, with a record cash settlement and funding to bring down waiting lists. As a result of Labour’s NHS investment, the hospital waiting list in England has dropped to its lowest level in nearly three years.
The Chancellor’s update on Tuesday shows that we are on the right track to grow the economy, reduce the cost of living and put money back into public services and the pockets of people in Liverpool Garston.