The UK Economy Unspun
-
Upload
trades-union-congress -
Category
News & Politics
-
view
3.482 -
download
0
Transcript of The UK Economy Unspun
![Page 1: The UK Economy Unspun](https://reader031.fdocuments.net/reader031/viewer/2022020218/55a43a251a28abe5738b45b0/html5/thumbnails/1.jpg)
THE UK ECONOMY UNSPUN!
Let’s get started…
![Page 2: The UK Economy Unspun](https://reader031.fdocuments.net/reader031/viewer/2022020218/55a43a251a28abe5738b45b0/html5/thumbnails/2.jpg)
According to the government our economy…
![Page 3: The UK Economy Unspun](https://reader031.fdocuments.net/reader031/viewer/2022020218/55a43a251a28abe5738b45b0/html5/thumbnails/3.jpg)
According to the government our economy…
![Page 4: The UK Economy Unspun](https://reader031.fdocuments.net/reader031/viewer/2022020218/55a43a251a28abe5738b45b0/html5/thumbnails/4.jpg)
According to the government our economy…
is on the mend thanks
to their austerity policies
![Page 5: The UK Economy Unspun](https://reader031.fdocuments.net/reader031/viewer/2022020218/55a43a251a28abe5738b45b0/html5/thumbnails/5.jpg)
However, that’s not entirely true
![Page 6: The UK Economy Unspun](https://reader031.fdocuments.net/reader031/viewer/2022020218/55a43a251a28abe5738b45b0/html5/thumbnails/6.jpg)
However, that’s not entirely true
Let’s start unspinning…
![Page 7: The UK Economy Unspun](https://reader031.fdocuments.net/reader031/viewer/2022020218/55a43a251a28abe5738b45b0/html5/thumbnails/7.jpg)
27500
28000
28500
29000
29500
30000
30500
31000
They say: “There are a record number of people in work”
Number of people in work
![Page 8: The UK Economy Unspun](https://reader031.fdocuments.net/reader031/viewer/2022020218/55a43a251a28abe5738b45b0/html5/thumbnails/8.jpg)
27500
28000
28500
29000
29500
30000
30500
31000
They say: “There are a record number of people in work”
Number of people in work
This is technically true but…
![Page 9: The UK Economy Unspun](https://reader031.fdocuments.net/reader031/viewer/2022020218/55a43a251a28abe5738b45b0/html5/thumbnails/9.jpg)
27500
28000
28500
29000
29500
30000
30500
31000
…there are also a record number of people!
Number of people in work
![Page 10: The UK Economy Unspun](https://reader031.fdocuments.net/reader031/viewer/2022020218/55a43a251a28abe5738b45b0/html5/thumbnails/10.jpg)
27500
28000
28500
29000
29500
30000
30500
31000
…and here’s how many jobs we’d need just to keep pace with the rising population!
Number of jobs needed to keep up with 2008 employment
Number of people in work
…there are also a record number of people!
![Page 11: The UK Economy Unspun](https://reader031.fdocuments.net/reader031/viewer/2022020218/55a43a251a28abe5738b45b0/html5/thumbnails/11.jpg)
86
88
90
92
94
96
98
100
102
Mar
-08
May
-08
Jul-
08
Sep-
08
Nov
-08
Jan-
09
Mar
-09
May
-09
Jul-
09
Sep-
09
Nov
-09
Jan-
10
Mar
-10
May
-10
Jul-
10
Sep-
10
Nov
-10
Jan-
11
Mar
-11
May
-11
Jul-
11
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-
12
Sep-
12
Nov
-12
Jan-
13
Mar
-13
They say: “Rising GDP is
a sign of recovery”
GDP
![Page 12: The UK Economy Unspun](https://reader031.fdocuments.net/reader031/viewer/2022020218/55a43a251a28abe5738b45b0/html5/thumbnails/12.jpg)
86
88
90
92
94
96
98
100
102
Mar
-08
May
-08
Jul-
08
Sep-
08
Nov
-08
Jan-
09
Mar
-09
May
-09
Jul-
09
Sep-
09
Nov
-09
Jan-
10
Mar
-10
May
-10
Jul-
10
Sep-
10
Nov
-10
Jan-
11
Mar
-11
May
-11
Jul-
11
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-
12
Sep-
12
Nov
-12
Jan-
13
Mar
-13
True, after a slump, GDP is on the rise again…
GDP
They say: “Rising GDP is
a sign of recovery”
![Page 13: The UK Economy Unspun](https://reader031.fdocuments.net/reader031/viewer/2022020218/55a43a251a28abe5738b45b0/html5/thumbnails/13.jpg)
86
88
90
92
94
96
98
100
102
Mar
-08
May
-08
Jul-
08
Sep-
08
Nov
-08
Jan-
09
Mar
-09
May
-09
Jul-
09
Sep-
09
Nov
-09
Jan-
10
Mar
-10
May
-10
Jul-
10
Sep-
10
Nov
-10
Jan-
11
Mar
-11
May
-11
Jul-
11
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-
12
Sep-
12
Nov
-12
Jan-
13
Mar
-13
GDP GDP Per Head
…but growth has been boosted
by a rising population
…and GDP per head is still lower than in mid 2010
![Page 14: The UK Economy Unspun](https://reader031.fdocuments.net/reader031/viewer/2022020218/55a43a251a28abe5738b45b0/html5/thumbnails/14.jpg)
0
10
20
30
40
50
60
70
80
They say: “We need to slash spending as the national debt is so large”
Government Debt/GDP (%)
![Page 15: The UK Economy Unspun](https://reader031.fdocuments.net/reader031/viewer/2022020218/55a43a251a28abe5738b45b0/html5/thumbnails/15.jpg)
0
10
20
30
40
50
60
70
80
They say: “We need to slash spending as the national debt is so large”
But, historically, it’s been much larger…
Government Debt/GDP (%)
![Page 16: The UK Economy Unspun](https://reader031.fdocuments.net/reader031/viewer/2022020218/55a43a251a28abe5738b45b0/html5/thumbnails/16.jpg)
0.0
50.0
100.0
150.0
200.0
250.0
300.0
1855
-56
1859
-60
1863
-64
1867
-68
1871
-72
1875
-76
1879
-80
1883
-84
1887
-88
1891
-92
1895
-96
1899
-190
0 19
03-0
4 19
07-0
8 19
11-1
2 19
15-1
6 19
19-2
0 19
23-2
4 19
27-2
8 19
31-3
2 19
35-3
6 19
39-4
0 19
43-4
4 19
47-4
8 19
51-5
2 19
55-5
6 19
59-6
0 19
63-6
4 19
67-6
8 19
71-7
2 19
75-7
6 19
79-8
0 19
83-8
4 19
87-8
8 19
91-9
2 19
95-9
6 19
99-2
000
2003
-04
2007
-08
2011
-12
In reality, the UK has had much higher debt/GDP in the past…
They say: “We need to slash spending as the national debt is so large”
Government Debt/GDP (%) Government Debt/GDP since 1990, as shown on previous graph (%)
![Page 17: The UK Economy Unspun](https://reader031.fdocuments.net/reader031/viewer/2022020218/55a43a251a28abe5738b45b0/html5/thumbnails/17.jpg)
The UK economy is finally starting to grow again but the recovery has come three years later than hoped for.
![Page 18: The UK Economy Unspun](https://reader031.fdocuments.net/reader031/viewer/2022020218/55a43a251a28abe5738b45b0/html5/thumbnails/18.jpg)
The UK economy is finally starting to grow again but the recovery has come three years later than hoped for. The longest squeeze on incomes looks set to continue and we won’t get a real recovery until people see their real wages rising again.
![Page 19: The UK Economy Unspun](https://reader031.fdocuments.net/reader031/viewer/2022020218/55a43a251a28abe5738b45b0/html5/thumbnails/19.jpg)
We need investment in growth and jobs
![Page 20: The UK Economy Unspun](https://reader031.fdocuments.net/reader031/viewer/2022020218/55a43a251a28abe5738b45b0/html5/thumbnails/20.jpg)
We need investment in growth and jobs
not complacency & spin!
![Page 21: The UK Economy Unspun](https://reader031.fdocuments.net/reader031/viewer/2022020218/55a43a251a28abe5738b45b0/html5/thumbnails/21.jpg)
Stay up to date with the latest economic news at touchstoneblog.org.uk