Part of 1. Questions to the Minister for Economy – in the Senedd at 1:55 pm on 16 February 2022.
Diolch, Weinidog. More than three in 10 households with a net income of less than £40,000 have seen their income drop since May 2021, and for households with a net income of more than £40,000, more than one in five have seen their incomes increase. Wage growth stagnated in October, fell in November, and is unlikely to start growing again until the final quarter of this year, disproportionately affecting those on low income. By the end of 2024, real wages are set to be £740 a year lower than they would have been, had pre-pandemic pay growth continued. This is clearly a crisis that is worsening an already deep economic disparity. Figures revealed just today show that we are experiencing record levels of inflation, which are outstripping wages while pushing living costs up higher. The scale of the problem means it's more important than ever that Wales's economic strategy is primarily focused on tackling economic inequality. So, what discussions has the Minister had with the social justice Minister and other colleagues in Government on this, and what further economic powers does he think should be devolved to Wales, so that we can properly get to grips with this crisis and alleviate its negative effects on our society? Diolch.