TUC – One quarter of decent growth won’t make up for 14 years of “lost living standards”

  • Growth still way below historic average, says union body
  • Real wages still worth less than in 2008

Responding to today’s (Friday) GDP figures, TUC General Secretary Paul Nowak said:

“The UK economy has stopped shrinking. But one quarter of decent growth won’t make up for 14 years of lost living standards.

“The Tories are still presiding over the worst period for economic stagnation and livelihoods in modern history.

“Real wages are worth less than in 2008 and working people will end this parliament worse off than at the start.

“Workers would be over £10,000 richer if pay had kept pace with its pre-crisis trend.

“The Conservatives have succeeded only in making families poorer.”

The TUC says the Conservatives have presided over the worst two episodes of growth since the 1920s:

  • The austerity measures introduced by the government in 2010 resulted in annual growth of just 1.2%, on average, between the start of the global financial crisis and 2019.

And since the pandemic UK annual growth has been just 0.7% on average the worst since the 1920s.