From the TUC

Geoff Tily's Articles

Lost: £200bn of GDP

26 Jan 2017, by in Economics

Today 2016 Q4 GDP figures showed growth of 0.6 %, and the economy continuing to survive the Brexit vote. But we should not lose the wood for the trees. The economy is still bearing serious scars of the financial crisis and the austerity which followed. Today’s figures also give us an annual figure for GDP…

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Higher pay growth in lower paid industries

18 Jan 2017, by in Economics

There are countless reasons to not get carried away by today’s pay growth figures – with regular pay in the private sector hitting 3 per cent in November. (To recap: with accelerating inflation, real pay growth has stalled at 1.7% and is likely to get worse. We’ve been here before: with nominal private sector pay…

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We are more equal (because we are all worse off)

12 Jan 2017, by in Economics

Normally figures (here) showing the income distribution had narrowed to the lowest point for thirty years – since 1986, the height of Thatcherism – would be reason for celebration. But these are not normal times. The country may be less unequal, but everybody is poorer. Thatcherites used to boast that a rising tide would raise…

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This is still austerity, but not as we knew it

25 Nov 2016, by in Economics

There were welcome signs in the 2016 Autumn Statement that the Chancellor has learned from his predecessor’s mistakes. The OBR forecast greatly increased borrowing (around £120bn more over 5 years) because they see uncertainties around the referendum meaning a weaker economy especially over the coming three years. But the government took the extra borrowing on…

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Autumn Statement 2016: Chancellor goes a little way to meet his investment challenge

23 Nov 2016, by in Economics

Today the Chancellor has finally recognised that spending on infrastructure strengthens the economy. Measures the TUC has long called for were announced, including more cash for housing, high speed broadband, rail and roads. Overall the Chancellor’s measures amounted to £23bn, a big sounding number. But looking at OBR numbers which show public sector net investment…

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