Plaid Cymru wants decisive action from the Chancellor to address decline in living standards
Ahead of the Chancellor’s Spring Statement today, Plaid Cymru’s Treasury spokesperson, Ben Lake MP has called for decisive action to address the fall in living standards due to the cost-of-living crisis.
Mr Lake also urged Jeremy Hunt to adopt Plaid Cymru’s five point economic plan which was published at the weekend
The Ceredigion MP said: “Household incomes, already constrained by a 3.2% slump in wages between November and January, are now set to plummet by a further £1,100 in real terms over the next year.
“We face a real risk of a significant fall in living standards as a result, yet there is little sense of urgency in Whitehall to address it.
“Plaid Cymru’s five-point plan provides an avenue for the Chancellor to protect household incomes immediately.
“By ensuring that public sector wages and benefits at least keep pace with inflation, and by guaranteeing the extension of the Energy Bills Support Scheme and the Alternative Fuel Payment, we can take vital steps to shield people’s living standards from further harm.
“We must also look to the longer term and address the productivity crisis that has held us back for over a decade.
“Indeed, the Wales Governance Centre calculates that on our present trajectory, by 2027 Welsh incomes will be £10,300 lower than had the pre-financial crisis levels of growth been sustained.
“It is time to craft a comprehensive strategy which has investment in digital connectivity and green technologies at its heart. We otherwise risk continuing the toxic cycle of lurching from crisis to crisis with no prospect of a resolution.”
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