Jeremy Corbyn MP, Leader of the
Labour Party, said:

“I welcome the Prime Minister’s
decision to give the British people the chance to vote for a government that
will put the interests of the majority first.

“Labour will be offering the
country an effective alternative to a government that has failed to rebuild the
economy, delivered falling living standards and damaging cuts to our schools
and NHS.

“In the last couple of weeks,
Labour has set out policies that offer a clear and credible choice for the
country.  We look forward to showing how Labour will stand up for the
people of Britain.”

Labour analysis of Government figures shows:

· London and the South-East have accounted for almost half of all
net jobs created in the UK since 2010, despite accounting for only a quarter of
the population

·

The rest of the country has lagged behind with just one net job
in 200 created in the North East under the Conservatives.

Rebecca Long-Bailey MP, Labour’s Shadow Secretary for Business,
Energy and Industrial Strategy, commenting, said:

“New figures show that seven years of failure under the
Conservatives is holding most of this country back. Boasts about job creation
will ring hollow when there are few jobs being created across most of the
country and even then too many are poorly paid and insecure.

“The reality of Conservative failure is that with investment
falling and real wages still lower than before the crash, but chief executive
pay up 24% to over £5m since 2010, it’s the wealthy elite who are winning out
in the Tories’ rigged economy. 

“Only Labour has the ambition needed to deliver investment
across the whole country and create decent, well-paid jobs so that people in
every part of our country can live richer lives.”

Labour
analysis, using House of Common’s Library endorsed modelling, shows that:

Average real earnings are set to
fall by £1,200 as a result of rising inflation and lower wage growth

At the
Budget last month we saw inflation forecast up this year and average earnings
forecasts lowered next year and for the next two years.

The
combination of higher prices and lower wages is that living standards are set
to be squeezed.

This time
last year, at the Budget 2016, the OBR was forecasting real average earnings
growth of 9 per cent between 2015 and 2020 (average earnings adjusted for CPI
inflation). However, at this year’s Budget, this was revised down to growth of
5 per cent between 2015 and 2020.

Converting
this to income values, Budget 2016 was forecasting that real average earnings
would be almost £2,500 higher in 2020 than in 2015. However, at Budget 2017
this was revised down to £1,300. This is a difference of £1,200.

Today’s
analysis comes on the back of IFS analysis last year which showed that the
“outlook for living standards has deteriorated rather sharply”, describing the
prospects for real earnings growth as “dreadful”.

The
Resolution Foundation has also said that the “outlook for living
standards in 21^st century Britain does not look promising” and that
“weak and regressive nature of income growth in the years ahead should concern
us all”. 

This analysis looks at the effect on living standards
resulting from changes to OBR forecasts at this year’s Budget.

Tax and benefit changes, as well as previous OBR
forecasts will impact on living standards; however, this analysis focuses just
on inflation and earnings outlook.

John
McDonnell MP, Labour’s Shadow Chancellor, commenting, said:

“Today’s analysis shows the impact of seven years of
Tory economic failure.

“Living standards are being squeezed and working
people are being hit hard. This is despite the Tories promising at the last
General Election that they would raise living standards.

“The truth is that Theresa May has failed working
people and the Tories are taking the country backwards. Labour would make
different choices and stand up for ordinary
working families.

“Only Labour will take the action needed to end the Tories’
economic failure by introducing a Real Living Wage of £10 an hour by 2020 and
by investing in our
regions and our local communities.”

Angela Rayner MP, Labour’s Shadow Education Secretary, responding to a
Teach First report that claims the country’s poorest parents have half the
chance of getting their child into an outstanding primary school, compared to
the richest ones, said:

“This
is just the latest evidence that the Government’s rhetoric on social mobility
has not been matched by results. 

"Theresa May’s only answer to the social mobility crisis is her
discredited policy of new grammar schools, which by definition ignores the
crucial early years of a child’s life and does nothing to ensure all children
go to a good primary school.

“It is clear that the Tories do not have the answers to the serious issues
facing our schools, such as the crisis in recruitment and retention, super-size
classes, and the unprecedented squeeze in school budgets.”

Employees in small businesses earned less than previously
thought between 2010 and 2015

 Analysis of government figures shows:

·        
Methodological revisions to the Average Weekly Earnings of
employees in small businesses shows a downgrade in level of earnings between
2010 and 2015

·        
The Government’s mishandling of the economy and mistreatment of
small businesses has resulted in pay for employees being less than thought

·        
Between 2010 and 2015, the average revision downwards in the
level of weekly earnings was 1.7 percent. This amounts to more than £2,000 over
that period less than previously thought,.

Rebecca Long-Bailey MP, Labour’s Shadow Secretary for Business,
Energy and Industrial Strategy, said:

“The latest revision to the
methodology for calculating earnings for employees in small businesses shows
that the level of earnings was less than previously thought during the period
2010 to 2015.

“Added up, between July 2010 to
December 2015, earnings for the average employee in a small business were in
fact over £2,000 less than previously thought.  This is a further
indictment of the Conservative’s already terrible record of protecting the
living standards of people in this country and their failure to recognise the
experiences and requirements of small businesses.”