Commenting on today’s (Wednesday) GDP figures, which show zero growth in April, TUC General Secretary Paul Nowak said:
“Our economy is slowing yet again. This has been the worst government for growth in modern times – and working people have paid the price.
“Real wages are still worth less than 2008. Unemployment is rising at the fastest rate in the G7. And economic inactivity is at record levels.
“The Conservatives can spin all they like. But the last 14 years have been dismal for growth and living standards.
“They have turned Britain into a stagnation nation.”
TUC analysis shows annual growth averaged has averaged just 1.5% since 2010 (using the highest independent forecast for growth in 2024), the worst performance for a government since the great depression.
The TUC also highlighted how:
- If wages had grown at the pre-financial crisis rate the average worker would be earning £14,700 more a year
- 1.51 million now unemployed (up 138,000 on the quarter), as rate rises to 4.4%
- 2.83 million out of work as they are long-term sick – another record high
