Today’s (Thursday) Bank of England forecast, which suggests weak growth is set to continue under current policies, is the consequence of poor economic management by the current government says the TUC.
The Bank forecasts UK GDP growth of just 1.25% in 2019, 1.25% in 2020, 1.75% in 2021 and 2.0% in 2022.
It follows publication this morning of new analysis by the TUC showing that the UK ranks in 31st place out of 35 OECD nations for GDP growth since 2017 – with growth less than half the OECD average.
TUC Head of Economics Kate Bell said:
“This is the Conservatives’ economic legacy. Their decade of cuts and under-investment has put growth in the slow lane.
“When Britain needed rebuilding, they chose austerity and tax breaks for wealthy corporations. And they have damaged confidence in our economy by threatening a reckless no-deal.
“We need leaders who will put working families first, not their rich mates and donors.”
- TUC analysis comparing UK and OECD economic performance: The full release on the TUC’s analysis published this morning is here: https://www.tuc.org.uk/news/uk-economy-has-fallen-relegation-zone-oecd-2017-election-tuc-analysis
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