My Lords, as we have heard, the UK population is increasing, but it is also ageing, with a declining proportion of the population now of working age. There were just over 600,000 live births in England and Wales in 2022, which was a 3.1% decrease from the previous year and the lowest number for 20 years. That means that the current UK fertility rate is about 1.5 children per woman, the lowest since records began in 1939. Does the Minister agree with Professor Jonathan Portes from King’s College, who said that

“the impact of the housing crisis on young couples, sharp cuts to financial support for low income families, and access to childcare are all likely factors”?