TUC analysis issued today shows how badly the UK economy has performed since the 2017 general election against other advanced economies.
GDP growth annual %
More concerning even than this low ranking, is the bad state of UK investment and exports. UK investment fell at an annual average rate of -0.2% between Q2 2017 and Q2 2019.
Investment annual growth, %
Exports annual growth, %
The dismal performance of the UK economy over the past two years comes on top of the severe hardship of the austerity decade.
Britain’s workforce is paying the price, not only of austerity since 2010, but also of the government’s poor management of the economy since 2017.
The prolonged weakness of GDP growth has resulted in the longest wage slump for two centuries, with the average weekly wage still worth £14 less than before the financial crisis.
Lack of investment and a decade of austerity have both played a part in holding back wage growth. And the government’s failure to give workers proper wage bargaining powers has kept the economy rigged against working class people.
TUC General Secretary Frances O’Grady said:
“The UK economy has fallen into the relegation zone – and you have to blame the manager. The current government is leaving the economy in a dismal state.
“When Britain needed to invest, they chose corporate tax cuts. And when Britain needed to rebuild, they chose more austerity.
“Next month’s election is a chance for change. Are we going to rebuild Britain? Or will workers be squeezed again while tax cuts are given to the rich.
“Leadership is about more than just looking after your wealthy mates. We need leaders who will take on the powers behind UK's rigged economy. And we need a plan for world-class public services, modern industry and decent jobs.”
The TUC is calling on the next government to:
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