12 broken market.
Last month, Ed Miliband announced that the next Labour Government will launch Make Work Pay Contracts that will help businesses to raise wages as well as helping to cut social security bills for the taxpayer. Low wages aren’t just bad for working peo-
ple and their families. They are also driving up the social security bill as the country has to subsidise more low paid jobs with tax credits and benefits just to keep people afloat. Under Labour’s Make Work Pay Contracts,
firms that commit to paying their employees the living wage, currently £8.80 in London and £7.65
elsewhere, in the first year of the next Parliament will be offered a 12 month tax rebate of up to £1,000 for each individual worker that receives a pay rise. The money would be funded directly from
increased income tax and National Insurance rev- enues. Additional savings in lower tax credits and benefit payments, as well as increased tax reve- nues in future years, will cut social security bills and help pay down the deficit. Make Work Pay contracts are a sensible
way forward. Working people will get higher wag- es, employers will get support to make the transi- tion to a living wage and the cost of social security will be cut in the longer term.
Sadly, there have been
too many scandals involving the UK’s banking sector in recent years and it is little wonder that confidence in
them has been dented. Interest Rate Swap De- rivatives is one such rip-off. I have spoken to a
number of businesses in South Edinburgh who have been experiencing problems because of it
A number of banks have taken steps to improve the work
they do and that is to be welcomed, NEW SENTENCE how- ever, more needs to be done. The debate in Parliament
recently gave members from all parties the opportunity to raise their concerns. I spoke in the debate and you can watch my contribution by clicking the link here -
http://www.parliamentlive.tv/Main/Player.aspx?meetingId=13910&st=12:38:32
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