Britain has now experienced a “decade without growth”
The Independent suggest every person in the country is today around £4,000 worse off than they would have been if the British economy had continued growing at its rate seen before the 2008-09 recession.
Britain has now experienced a “decade without growth” according to the Institute for Fiscal Studies and the latest official projections in the Budget suggest this lost income will never be recovered.
In its response to the Budget the respected think tank said the Office for Budget Responsibility’s new analysis paints a bleak picture of the UK economy, with weak GDP growth by historical standards and very disappointing wage increases over the next five years.
“What the OBR is saying is that despite that truly dismal record all of the productivity – and with it earnings growth – we would normally expect has been lost forever,” said Paul Johnson, director of the IFS.