Motion S5M-06566: Falling Disposable Income

30 Jun 2017

That the Parliament notes the figures released by the Office for National Statistics (ONS), which it believes show that the disposable income of UK households has fallen for three consecutive quarters for the first time since the 1970s; understands that the share of disposable income that is being invested into savings has fallen to a record low across the UK; further notes the warnings from the Bank of England, which it understands highlight a rapid growth in consumer borrowing through credit cards, personal loans and car finance; believes that, as a result of the decision to leave the EU, there is likely to be a continuing rise in the cost of living, which will particularly hit those less well off in society, and hopes that all levels of government will pursue policies that lead to a more even sharing of income and wealth than is currently the case.