“The UK has now seen 15 years of relative decline, with productivity growth at half the rate seen across other advanced economies."
The Tories, who once prided themselves as the party of ‘sound finances’, have managed the economy so badly that fifteen years of economic stagnation have left the typical UK household way poorer than peers in countries like France and Germany.
A new report, published by the Resolution Foundation and the Centre for Economic Performance at the London School of Economics, found that economic stagnation and poor productivity has left households on average £8,300 worse off.
“The UK has now seen 15 years of relative decline, with productivity growth at half the rate seen across other advanced economies,” Resolution said in the 300-page final report from its “Economy 2030 Inquiry.”
Bloomberg reports: “The task is “huge but not insurmountable,” Resolution said. Were Britain to close the average income and inequality gap with Australia, Canada, France, Germany and the Netherlands, “the typical household would be 25% — £8,300 — better off, with income gains of 37% for the poorest households.”
Prime Minister Rishi Sunak had made growing the economy one of his five key pledges when he took office, and yet the economy hasn’t quite turned a corner as Sunak had been hoping.
Last month, figures from the Office for National Statistics showed that the economy had flatlined, just days after Sunak boasted that the economy was growing. There was no GDP growth at all between the months of July and September.
Basit Mahmood is editor of Left Foot Forward
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