From the TUC

Economics (page 2)

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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What impact are robots having on jobs?

26 Jan 2017, by in Economics

The debate about technological change, and whether it could lead to widespread unemployment has been revived in recent years in several studies. The seminal 2013 paper by Frey and Osborne sparked much debate about the impact of digitisation. They claimed that 47% of US jobs are susceptible to being computerised. A 2016 paper by the…


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How fast is technological change happening?

25 Jan 2017, by in Economics

This is the first in a series of blogs considering the extent of robotisation and its impact. In a lecture at the TUC in November 2015, Andy Haldane, Chief Economist to the Bank of England said that “we may be on the cusp of the fourth industrial revolution”. Clearly, the use of technology is not…


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Jobs & living standards no longer top priority for government

22 Jan 2017, by in Economics

Although her speech on industrial strategy on Monday could redress the balance a bit, the Prime Minister’s speech on Brexit last week confirmed that her government is putting jobs and living standards lower down their agenda than exiting the European Union and reducing migration. Is the era of Bill Clinton’s famous advice to his election…


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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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Globalisation isn’t a ‘given’

13 Jan 2017, by in Economics

The impact of globalisation on working people’s wages, jobs and prospects emerged as one of the key themes of 2016, following the seismic political developments in both Europe and the US. 2017 sees no sign of the debate going away. The policymaking community is figuring out how to react. As Gavin Kelly put it:  ’tis…


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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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