The national economic debate is at its least illuminating when it descends into a form of sports reporting – with arguments about who’s up, who’s down, and who’s winning and losing.
Stepping back from the noise of new data, the big picture is that the British economy has been under-performing for some time. In the 12 years following the financial crisis,. While some question whether growth in Gross Domestic Product really makes much difference to their lives, the blunt reality is that it does.
Britain’s toxic combination of low growth and high inequality is why we’re living through a living standards disaster. Weak growth has fed directly into stagnant wages and lower levels of financial resilience, while high inequality has left the poorest brutally exposed to the cost of living crisis.apart from Brexit of course
. Many nations are currently grappling with high inflation, just as they were with Covid and the global financial crisis. But Britain, with a particularly gas-reliant energy system, has struggled the most, and got we have got poorer as a result. Back in 2009, as western nations battled with the fallout from the financial crisis, the typical household in Britain was slightly poorer than their counterparts in Germany, and over a third poorer than the typical American household. Fast forward a decade – during which Britain stalled economic growth-wise – and those income gaps have soared. The typical German household is now 26 per cent richer, and the US is out of sight – 66 per cent richer than the typical British family.
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