According to Torston Bell of the Resolution Foundation.
The average person is £11000 worse off than they would have been if the rise in salaries had continued to do so under Labour.
In 2008 the difference in salary between Germany and U.K. was £500 now it is £4000.
Hunt argues that it is inflation that destroys the value of our salaries, but in fact it goes much deeper than that as our sense will tell us.
What has in fact happened is that the Tories have resided over a period of stagnant wages which is unprecedented in over 60 years.
1 in 4 people are struggling to make ends meet.
Economists argue that one of the keys to ending this is greater productivity, which as a result of the failure of investment both by government and business. However because if the past choices particularly by Thatcher to grow our service industry at the expense of our manufacturing industry, it is hard to increase productivity in our services.
Investment in manufacturing industry like new plant and machinery is what increases productivity. This has not happened at a level high enough to ensure our resilience particularly since Brexit when investment has almost come to a halt.
The U.K. is no longer sufficiently resilient to deal with the knocks like covid, war and Brexit, and as a result we are fairing much worse than all other countries.
Excerpt from Panorama BBC
Do you wear shorts in the warm weather?
Anyone else fed up with North Easterly wind flow?
Removal firm didn't move all our stuff
Post Office Scandal - Ruined Lives
I have a mobility problem and my husband's angry all the time