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max ddp created	2024-03-19T22:32:43.053Z
min answer › question first answered	2019-06-25T08:00:29.177Z
max date tabled	2024-03-20
answering dept sort name	Treasury
title	House of Lords Tabled Parliamentary Question 2023%2F24 HL3340

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registered interest

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answering body

answering dept id

answering dept short name

answering dept sort name

hansard heading

house id

legislature


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question text

tabling member printed

uin

answer

is ministerial correction

date of answer

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and

answer text

answering member printed

question first answered

answering member


label

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label

1696583

registered interest

date

18/03/2024

answering body

Treasury

answering dept id

answering dept short name

Treasury

answering dept sort name

Treasury

hansard heading

Inflation: Employment and Pay

house id

legislature

25277

pref label	House of Lords

question text

To ask His Majesty's Government, following reports that public expectations for inflation have fallen to the lowest level in over two years, what assessment they have made of the impact of falling expectations on (1) wage growth trends, and (2) employment dynamics; and what steps they are taking to address any potential challenges in sustaining wage growth while maintaining price stability.

tabling member printed

Lord Taylor of Warwick

uin

HL3340

answer

is ministerial correction

date of answer

28/03/2024

answer text

Inflation has more than halved, falling from its peak of 11.1% in October 2022 to 3.4% in February 2024 and nominal whole economy total pay has fallen from a peak of 8.9% in the three months to June to 5.6% in the three months to January 2024.In the three months to January 2024 the unemployment rate was 3.9%, up by 0.1ppt on the year but low by historical standards. The OBR forecast that there will be a moderate rise in unemployment to a peak of 4.5% in Q4 2024 before declining to 4.1% by 2028.Whilst inflation has fallen it still remains above the 2% target. The Monetary Policy Committee (MPC) continues to have the government’s full support as it takes action to sustainably return it to target.

answering member printed

Baroness Vere of Norbiton

question first answered

28/03/2024 12:45:55

answering member

4580

label	Biography information for Baroness Vere of Norbiton

tabling member

1796

label	Biography information for Lord Taylor of Warwick