This week, saw more good news on the economy and a report showing that the number of low-paid workers has fallen to lowest level in decades.
A report by the Resolution Foundation thinktank said the share of employees who were officially classified as low paid – earning less than around £8.50 an hour – had fallen to 18%, the lowest since 1982. Further increases in the national living wage, which are planned by the government, would reduce the percentage of low paid – those earning less than two-thirds of the median hourly wage – to 15% by 2020.
As someone who campaigned for the introduction of the National Living Wage I very much welcome this news. It is especially good for workers in Pendle, as traditionally many workers in the borough have been on low pay. However, we cannot be complacent as increases in the minimum wage will not fully address the issues around low pay; we need to look more broadly at the economy.
I was therefore delighted that the Prime Minister was in the North West on Monday, to set out ambitious targets to create more well-paying jobs through our modern Industrial Strategy.
The Prime Minister set out the first four missions, as part of our modern Industrial Strategy. New buildings in the UK to use 50 per cent less energy by 2030. All new cars and vans to be effectively zero emission by 2040. Artificial intelligence to help prevent 22,000 cancer deaths each year by 2033. Innovations to help people enjoy an additional five years of healthy, independent life by 2035.
This week also saw the government delivering on our manifesto pledge to ban letting fees. The Tenant Fees Bill, which will help millions of renters by ending costly upfront payments and hidden charges, receives its Second Reading in the House of Commons. This Bill will mean tenants are no longer hit by surprise fees they may struggle to afford, and tenants should only be required to pay their rent alongside a refundable deposit.
This comes alongside other measures to protect tenants and landlords through the introduction of new rogue landlord database, banning orders for rogue landlords and property agents as well as a new code of practice to regulate the letting and managing agents sector.