From the TUC

Inflation: Where is Britain in the Global Race?

16 May 2013, by in Economics

  Figures from the US Bureau of Labor Statistics help us compare inflation rates across the major developed economies. Looking at the inflation figures for the twelve months to March (the most recent figures), the UK has the highest of any G7 economy. The Organisation for Economic Co-operation and Development’s most recent data also has…

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On Lost Decades & Free Lunches

14 May 2013, by in Economics

Figures from the ONS today show that between 2005 and 2011, UK disposable income per head dropped from being the 5th highest in the developed world to 12th. Such figures are part of a larger picture emerging about the recent performance of the UK. In broad strokes the big picture of the UK since 2008…

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The UK’s Lost Decade(s)

08 May 2013, by in Economics

The past two weeks have provided some good and some bad news on the UK economy. On the one hand GDP data for Q1 2013 was better than expected, whilst on the other GDP per capita figures suggested that the hole we are currently in is much bigger than previously thought. GDP per capita measures…

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Quick GDP Thoughts

25 Apr 2013, by in Economics

Today’s GDP figures were certainly better than expected, with growth of +0.3% topping the estimates of most economists. But noting that something was better than expected does not mean it qualifies as ‘good news’. The fact that avoiding an unprecedented ‘triple dip’ is celebrated as a sign of success suggests that expectations really are on…

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Balance of Payments: where is Britain in the Global Race?

08 Mar 2013, by in Economics

Today, Eurostat published balance of payments figures for the third quarter of 2012. The UK has run a balance of payments deficit for fifteen years, which is especially worrying – long-term deficits like this tend to be a signal of weakening competitiveness, of a preference for foreign producers and service providers over domestic alternatives. The…

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Wages: Where is Britain in the Global Race?

07 Mar 2013, by in Economics

International Labour Organisation data shows that over the course of 2007-2011 British workers suffered the largest falls in real wages (wages after taking into account price rises)  of any G7 economy. Whilst workers in many countries saw their real terms pay rise, real wages fell heavily in the UK adding to an unprecedented squeeze in…

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Exports: Where is Britain in the Global Race?

18 Feb 2013, by in Economics

Exports are perhaps the simplest way to measure performance in the ‘global race’ and the UK has been doing extremely badly over the past two years. The Government like to blame the international economy for all our current woes but in reality many of our problems (government austerity, the squeeze on living standards) are domestic. 

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