Pay (5)

Meeting: 
MQT on 2015-09-16
Session date: 
September 16, 2015
Reference: 
2015/3051
Question By: 
Fiona Twycross
Organisation: 
Labour Group
Asked Of: 
The Mayor

Question

The recent paper by GLA Economics on zero-hours contracts and labour market casualisation highlighted that rising insecurity in the labour market has facilitated the fall in average wages (which have fallen every year in real terms since 2008) as the number of hours worked, particularly by those on low incomes in the capital and across the UK, have reduced in response to falling economic demand. More than six years after the crash of Lehman Brothers, would you agree that the failure to raise economic demand, pay levels and living standards represents is a significant failure of the economic policies pursued over this period? Please explain your answer.

Answer

Answer for Pay (5)

Answer for Pay (5)

Answered By: 
The Mayor

As the GLA Economics paper shows, London now has a near record proportion of its population in employment; record levels of jobs; and claimant unemployment at low levels not seen since the mid-1970s.  I believe that is more than a vindication of the economic policies pursued over the period in question.