Indeed, we certainly need to seize the moment now.
Our determination in this place to raise living standards for working people must be unwavering, and good jobs have their role to play in that. The past 14 years have seen unprecedented levels of wage stagnation. Resolution Foundation data shows that wages returned to pre-financial crisis levels only last year. That decade and a half of lost wage growth has cost the average worker more than £10,500 a year. I thought that there was a one nation tradition among those on the Opposition Benches—an element of the Conservative party that cared about raising living standards for the worst off—but after 14 years the Tories have left us with two nations: one rich, one poor.
As we try to unpick the mess that the Labour Government have inherited, the growth of green industry will be an exciting part of the way forward. I am thrilled that companies seeing the opportunities that Newcastle upon Tyne East and Wallsend has to offer are bringing jobs to the region in the process. The expansion of green hydrogen is just one example of that. During a recent visit, I was amazed at the ambition of GeoPura’s hydrogen project at Siemens Energy in Byker, where it produces hydrogen power units to replace traditional diesel generators. That is an example of the private sector at its best: the sharpest minds coming together to solve some of the biggest problems that we face.
I am proud of the breadth of the energy and offshore sectors in my constituency. That includes the area’s oil and gas industry, which has understandable concerns about its future. We need to think exceptionally carefully about how we shape the sector in the coming years for working people who earn their living from oil and gas.