New analysis from Labour today reveals that 12 years of Tory
failure and wasted opportunities mean that GDP is expected to be
flatline at the same at the end of this parliament than at the
beginning.
GDP was £2.2 trillion in 2019 and with a population of 67m that
meant GDP per head of about £33,500.
But based on growth rates in 2020 and 2021 and dismal IMF
forecasts of growth rates in 2022, 2023, and 2024, GDP by the of
this parliament is expected to be only slightly higher, £2.3
trillion.
Given the population is expected to reach 68m by 2024 that means
GDP per head will be largely unchanged.
The details come ahead of inflation results on Wednesday morning,
with many families feeling the impact of rising energy bills, a
more costly weekly food shopping and soaring mortgages.
And it comes against increasing concerns about Britain’s global
rankings when it comes to growth, with stats showing that in the
OECD growth race over the next two years, the UK is forecast to
finish last out of the 38 advanced OECD economies.
MP, Labour’s Shadow
Chancellor, said:
“That GDP is expected to be the same at the end of this
parliament than at the beginning is a damning indictment of 12
years of Tory government.
“Over the last decade, Tory economic failures and wasted
opportunities have led to Britain falling behind on the global
stage, and left us with low growth, low productivity and widening
inequality.
“If I was Britain’s Chancellor giving the Autumn Statement this,
I’d be focused on making fairer choices for working people who
are bearing the brunt of this crisis - and I'd be putting forward
a real plan to grow our economy.
“Labour's Green Prosperity Plan, our modern Industrial Strategy
and our active partnership with business will get our economy
firing on all cylinders.”
Ends
Notes
GDP to 2021 from ONS series, projections after that use latest
IMF World Economic Outlook.
Population projections from the ONS.
https://www.ons.gov.uk/economy/grossdomesticproductgdp/timeseries/abmi/pn2
https://www.ons.gov.uk/peoplepopulationandcommunity/populationandmigration/populationestimates/datasets/populationestimatesforukenglandandwalesscotlandandnorthernireland
https://www.imf.org/en/Publications/WEO
