Slow growth since the Tories came to power leaves £ 4,000 on average in worse shape

Slow growth since the Tories came to power leaves £ 4,000 on average in worse shape

Slow growth since the Tories came to power leaves £ 4,000 on average in worse shape

OECD data shows that the UK grew significantly slower than the OECD average (Getty Images)

OECD data shows that the UK grew significantly slower than the OECD average (Getty Images)

Slow growth since the Conservatives came to power in 2010 has left the average Briton in worse shape by nearly £ 4,000, new figures suggest.

Numbers from the OECD and the Office for Budget Responsibility show that the UK is set to grow by only 11% in real terms between 2010 and 2023.

This compares to a growth rate of over 24% for the average in other advanced OECD economies, leaving a per capita gap of £ 3,700.

The analysis, gleaned from official Labor data, comes when the opposition party puts growth at the center of its messages.

In a speech in Liverpool last week, Keir Starmer said the priorities of a future Labor government would be “growth, growth, growth”.

He said the UK economy was “weaker than its competitors. Less resilient. Fragile”, adding, “And in the end, we’re all poorer for it.”

OECD data cited by the opposition party shows that the UK suffered one of the deepest blows to its economy in 2020, at -9.3 compared to the OECD average of -4.3%.

But the economic malaise wasn’t just limited to the Covid pandemic, with mounting evidence that growth has been hit by both Brexit and austerity over the past 12 years.

Labor said the lost growth would also contribute £ 85 billion to the loss of fiscal revenue for public finances.

And UK real wages are still lower than before the 2008 financial meltdown, despite a decade and a half of economic activity.

The estimate comes in the midst of a sharp cost of living crisis, with skyrocketing bills and prices. New estimates this week suggest that typical household energy bills could reach more than £ 3,600 per year this winter, compared to £ 1,400 in October 2021.

The National Institute of Economic and Social Research said on Wednesday that inflation will continue to rise to “astronomical” levels thanks to the rise in the price of gas and the escalation of the cost of food.

Rachel Reeves, Labor’s shadow chancellor, said: “Under the Conservatives, Britain is lagging behind our competitors, pushing wages and living standards down.

“It is overwhelming that 12 years of successive Conservative governments have left the UK average of £ 4,000 in a worse position than other OECD countries.

The new UK rail strike brings rail services into a gallop

Britain Rail Strike: Britain Rail Strike (Copyright 2022 The Associated Press. All rights reserved)

Britain Rail Strike: Britain Rail Strike (Copyright 2022 The Associated Press. All rights reserved)

Britain Rail Strike: Britain Rail Strike (Copyright 2022 The Associated Press. All rights reserved)

Britain Rail Strike: Britain Rail Strike (Copyright 2022 The Associated Press. All rights reserved)

Britain Rail Strike: Britain Rail Strike (Copyright 2022 The Associated Press. All rights reserved)

Britain Rail Strike: Britain Rail Strike (Copyright 2022 The Associated Press. All rights reserved)

Britain Rail Strike: Britain Rail Strike (Copyright 2022 The Associated Press. All rights reserved)

Britain Rail Strike: Britain Rail Strike (Copyright 2022 The Associated Press. All rights reserved)

Britain Rail Strike: Britain Rail Strike (Copyright 2022 The Associated Press. All rights reserved)

Britain Rail Strike: Britain Rail Strike (Copyright 2022 The Associated Press. All rights reserved)

Britain Rail Strike: Britain Rail Strike (Copyright 2022 The Associated Press. All rights reserved)

Britain Rail Strike: Britain Rail Strike (Copyright 2022 The Associated Press. All rights reserved)

Britain Rail Strike: Britain Rail Strike (Copyright 2022 The Associated Press. All rights reserved)

Britain Rail Strike: Britain Rail Strike (Copyright 2022 The Associated Press. All rights reserved)

Britain Rail Strike: Britain Rail Strike (Copyright 2022 The Associated Press. All rights reserved)

Britain Rail Strike: Britain Rail Strike (Copyright 2022 The Associated Press. All rights reserved)

Britain Rail Strike: Britain Rail Strike (Copyright 2022 The Associated Press. All rights reserved)

Britain Rail Strike: Britain Rail Strike (Copyright 2022 The Associated Press. All rights reserved)

Britain Rail Strike: Britain Rail Strike (Copyright 2022 The Associated Press. All rights reserved)

Britain Rail Strike: Britain Rail Strike (Copyright 2022 The Associated Press. All rights reserved)

“Low-growth economies cannot grow to meet the challenges of the future.

With our commitment to climate investment, the New Deal for Working People and the plan to buy, produce and sell more in Britain, Labor will provide the strong, secure and equitable growth our country needs. “

Speaking on Monday, Chancellor Nadhim Zahawi said on Monday that he rejected a “doomster” attitude towards the economy.

“We need a ‘stimulator’ attitude to the economy, not a ‘doomster’, to address the cost of living issues and challenges on the world stage,” he told BBC Radio 4’s Today program.

“Liz [Truss] it will overthrow the stale economic orthodoxy and manage our economy conservatively. “

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