Under the Tories working people will continue to suffer from falling living standards – John McDonnell
John McDonnell MP, Labour’s Shadow Chancellor, responding to the
IFS Living standards report, said:
“Today’s findings are a damning indictment of seven wasted years
of Tory economic failure. The independent Institute for Fiscal Studies (IFS)
confirmed that working people face a crisis in living standards.
“With wages still lower
than they were in 2010 and income inequality and child poverty set to increase
to over 5 million, it is clear that under the Tories working people will
continue to suffer from falling living standards. This is at the same time as
official statistics show that wealth inequality has increased, with the wealth
of the poorest falling while the wealth of those at the top has increased.
“Only Labour has a proper plan to raise working people’s living
standards by delivering for the many, not the few, with the introduction of a
Real Living Wage of £10 an hour, scrapping the public sector pay cap and
reversing cuts to Universal Credit.”