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Tag Archives: UK

Feeling the pay pain

May 2023. The UK economy struggles along, shedding another 0.1% of GDP. The ‘size’ of the economy, measured as GDP, is a fraction (0.7% to be precise) greater than in May 2019, 4 long years ago. It’s still smaller than in the second half of 2019. Even worse, average real pay (i.e. after allowing for CPI inflation) is a fraction lower than it was in 2019 – in May 209, £499, in May 2023, £497. But that average masks a great deal of variety, between those whose pay has kept up with inflation...

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Feeling the pay pain

May 2023. The UK economy struggles along, shedding another 0.1% of GDP. The ‘size’ of the economy, measured as GDP, is a fraction (0.7% to be precise) greater than in May 2019, 4 long years ago. It’s still smaller than in the second half of 2019. Even worse, average real pay (i.e. after allowing for CPI inflation) is a fraction lower than it was in 2019 – in May 209, £499, in May 2023, £497. But that average masks a great deal of variety, between those whose pay has kept up with inflation...

Read More »

Feeling the pay pain

May 2023. The UK economy struggles along, shedding another 0.1% of GDP. The ‘size’ of the economy, measured as GDP, is a fraction (0.7% to be precise) greater than in May 2019, 4 long years ago. It’s still smaller than in the second half of 2019. Even worse, average real pay (i.e. after allowing for CPI inflation) is a fraction lower than it was in 2019 – in May 209, £499, in May 2023, £497. But that average masks a great deal of variety, between those whose pay has kept up with inflation...

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The UK economy – stalled and unhealthy

Day after day, day after day,We stuck, nor breath nor motion;As idle as a painted shipUpon a painted ocean.[The Rime of the Ancient Mariner, Samuel Taylor Coleridge]The UK economy remains stuck. Last Friday, the latest GDP numbers for the UK (first estimate for Q1 2023) from the Office for National Statistics (ONS) indicate that the UK economy is still a little shy of where it was back in late 2019, still down by 0.5% on Qs 3 and 4 of that year.  The economy in Q1 was just 0.2% larger than in...

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The UK economy – stalled and unhealthy

Day after day, day after day,We stuck, nor breath nor motion;As idle as a painted shipUpon a painted ocean.[The Rime of the Ancient Mariner, Samuel Taylor Coleridge]The UK economy remains stuck. Last Friday, the latest GDP numbers for the UK (first estimate for Q1 2023) from the Office for National Statistics (ONS) indicate that the UK economy is still a little shy of where it was back in late 2019, still down by 0.5% on Qs 3 and 4 of that year.  The economy in Q1 was just 0.2% larger than in...

Read More »

The UK economy – stalled and unhealthy

Day after day, day after day,We stuck, nor breath nor motion;As idle as a painted shipUpon a painted ocean. [The Rime of the Ancient Mariner, Samuel Taylor Coleridge] The UK economy remains stuck. Last Friday, the latest GDP numbers for the UK (first estimate for Q1 2023) from the Office for National Statistics (ONS) indicate that the UK economy is still a little shy of where it was back in late 2019, still down by 0.5% on Qs 3 and 4 of that year.  The economy in Q1 was just 0.2% larger than...

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Settling the public sector pay disputes now – modest cost, big benefits

Another week goes by.  Hundreds of thousands of workers, mainly public sector, on strike last week, and again this week. Pay deals way below inflation. Zero movement from government.  Continuing disruption and decay. Why can’t a settlement be reached?Just before Christmas, Prime Minister Sunak told us“I want to make sure that we reduce inflation and part of that is being responsible in setting public sector pay..”On 1st February, Mr Sunak’s Official Spokesman said“We want to have further...

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Settling the public sector pay disputes now – modest cost, big benefits

Another week goes by.  Hundreds of thousands of workers, mainly public sector, on strike last week, and again this week. Pay deals way below inflation. Zero movement from government.  Continuing disruption and decay. Why can’t a settlement be reached? Just before Christmas, Prime Minister Sunak told us “I want to make sure that we reduce inflation and part of that is being responsible in setting public sector pay..” On 1st February, Mr Sunak’s Official Spokesman said “We want to have...

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Settling the public sector pay disputes now – modest cost, big benefits

Another week goes by.  Hundreds of thousands of workers, mainly public sector, on strike last week, and again this week. Pay deals way below inflation. Zero movement from government.  Continuing disruption and decay. Why can’t a settlement be reached?Just before Christmas, Prime Minister Sunak told us“I want to make sure that we reduce inflation and part of that is being responsible in setting public sector pay..”On 1st February, Mr Sunak’s Official Spokesman said“We want to have further...

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When populism fails

At the Battle of Ideas last Saturday, a panel on "populism" spent an hour and a half discussing everything except economics. Sherelle Jacobs of the Telegraph called for the Tory party to replace what she called a "twisted morality of sacrifice and dependency" with the "Judaeo-Christian" values of thrift and personal responsibility. And when a brave audience member asked "shouldn't we be discussing economics?" Tom Slater of Spiked brushed him off and carried on talking about cultural issues....

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