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GDP Per Head 3% Down On 2007

Wednesday, November 12, 2014

Increased Economic Activity Leaves GDP Per Head 3% Down And Real Value Of Take Home Pay 13% Below 2007 Levels

Although 898,000 workers have left public sector employment since 2010 election the deficit is still £100 billion because increased economic activity is not generating more income from taxes says GMB.

GMB commented on official jobless figures released today by Office for National Statistics.

Paul Kenny, GMB General Secretary, said "The welcome increase in economic activity is partly linked to demographic changes as GDP per head is still 3% below 2007 levels. See notes to editors for GDP and population changes since 2007.

Many of the new jobs are precarious and badly paid while the real value of take home pay for the rest of the workforce is 13% below pre–recession levels. Although 898,000 workers have left public sector employment since 2010 the deficit is still £100 billion because this increased economic activity is not generating more income from taxes.

The Tory recipe to get a recovery in pay and income from taxes is even more savage cuts in public spending and public sector jobs. There needs to be clear headed discussion on the right balance between taxation, spending and borrowing required to get this long delayed recovery in pay and income from taxes. The Tories have not got the balance right.”

End

Contact: Martin Smith 07974 251 722 or GMB press office 07921 289880

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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