Member

The noble Lord, Lord Sharpe, also mentioned the high unemployment rate. With a 5.2% unemployment rate, the UK still outperforms the average for the European Union and remains well below the UK average for the 2010s of around 6%. I refer to the point made by the noble Baroness, Lady Bennett, about the genuine living wage. The Government continue to be dedicated to fulfilling our manifesto promise of a real living wage that people can live on. We responded promptly after the election by updating the Low Pay Commission’s remit to ensure that the cost of living is accurately reflected in its recommendations. At the same time, improving living standards must align with economic growth and a healthy labour market, ensuring that rising wages are sustainable and do not negatively impact employment.