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Growth Too Slow For Higher Pay

Wednesday, February 18, 2015

Economic Recovery Underway In The UK Should Be Much Further Ahead Than It Is Says GMB

Tories have not promoted real economic growth based on investment and productivity gains and their failed economic approach should be rejected by the voters says GMB.

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

Paul Kenny, GMB General Secretary, said "The economic recovery underway in the UK should be much further ahead than it is.

The 3.2 million increase in population since 2007 has led to additional economic activity in the UK as would be expected. However GDP per head is still 1.5% below 2007 levels. See notes to editors for revised data from ONS.

Governments like the Tories and employers across the EU, having spent years undermining employee protections in a race to the bottom, can hardly be surprised that the new jobs being created are mainly low skilled, low paid and very precarious jobs. Even skilled workers in the UK face being undercut while wages are stagnant or falling in real terms.

Most workers have seen little or no evidence of any recovery in living standards due to the Tories wasting their time in office by not promoting real economic growth based on investment and productivity gains.

Growth due to demographics should not be confused with real GDP growth per head. This failed economic approach should be rejected by the voters.”

End

Contact: Kamaljeet Jandu 07956 237 178 or Martin Smith 07974 251 722 or GMB press office 07921 289880

Notes to editors

GDP per head since 2007 expressed at constant prices: latest revision from ONS

 

Gross Domestic Product:

chained volume measures:

Seasonally adjusted £m

population

GDP per capita

2007=100

% change since 2007

2007

1,637,432

61,319,100

26,703

100

 

2008

1,631,995

61,823,800

26,398

98.9

-1.1

2009

1,561,646

62,260,500

25,082

93.9

-6.1

2010

1,591,494

62,759,500

25,359

95.0

-5.0

2011

1,617,677

63,285,100

25,562

95.7

-4.3

2012

1,628,338

63,705,000

25,561

95.7

-4.3

2013

1,656,498

64,105,700

25,840

96.8

-3.2

2014

1,697,910

64,567,993

26,296

98.5

-1.5

           

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

 

GDP figures for 2014 calculated using 2.5% growth since 2013

   

 

 

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