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Economic Recovery: Little Sign So Far

Wednesday, December 17, 2014

Economic Recovery Should Be Much Further Ahead As Government Enters Fifth Christmas In Power Says GMB

GDP per head is still 3% below 2007 levels and is the reason most workers have seen little or no evidence of any recovery says GMB.

GMB commented unemployment figures released today by Office for National Statistics.

Paul Kenny, GMB General Secretary, said "This is the fifth Christmas with this Government in power and while the recovery underway is welcome it should be much further ahead. There are too many households this Christmas with jobless workers.

Much of the additional economic activity we have seen is due to population growth. The key figure of GDP per head is still 3% below 2007 levels. That is the reason most workers have seen little or no evidence of any recovery. See notes to editors for changes in GDP per head since 2007.

The Government has been penny wise and pound foolish in too many areas. For example training places for nurses in NHS have been oversubscribed by 10 applicants for each place. Cuts in the number of training places to save money has now led to huge bills for agency nurses and recruitment of nurses from elsewhere in EU.

This is not sensible nor is it an isolated case of where setting out to save money actually costs more in the end. It is why George Osborne will borrow more money in five years than Labour Chancellors did in the previous 13 years.”

End

Contact: Kamaljeet Jandu 07956 237 178 or Martin Smith 07974 251 722 or GMB press office 07974 251 823; 07921 289 880.

Notes to editors

GDP per head since 2007 at constant prices.

 

Gross Domestic Product: chained volume measures:

Seasonally adjusted £m

population

GDP per capita

2007=100

% change since 1997

2007

1,552,989

61,319,100

25,326

100

 

2008

1,541,039

61,823,800

24,926

98.4

-1.6

2009

1,461,361

62,260,500

23,472

92.7

-7.3

2010

1,485,616

62,759,500

23,672

93.5

-6.5

2011

1,502,216

63,285,100

23,737

93.7

-6.3

2012

1,506,388

63,705,000

23,640

93.3

-6.7

2013

1,531,428

64,135,000

23,878

94.3

-5.7

2014

1,585,028

64,510,969

24,570

97.0

-3.0

           

NB: 2014 population data are 2012-based projections for start of the year

 

GDP figures for 2014 calculated using 3.5% growth since 2013

   

 

 

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