New analysis reveals the Tories’ wholesale failure to grow the economy and to level up Britain, with figures showing that in every region in Great Britain real wages are lower now than when the Tories came to power in 2010.
Across the country as a whole, real wages are down, while in Newport East, people are more than £300 a year worse off than they were in 2010.
A crucial component of getting wages up and improving living standards is growing the economy, something that has stalled under the Tories.
If the economy had continued to grow at the same rate as it had been with the last Labour government, then there would be £30 billion more to spend on public services without having to raise a single tax.
Over the last 12 years, the UK has been stuck, not moving forward, not growing and people’s living standards across Newport East have not improved.
The Tories will try and lay the blame for this at the door of the pandemic or the Russian invasion of Ukraine, but the truth is that Britain has been buffering for twelve years now under this weak, ineffective government.
Labour’s Shadow Chancellor Rachel Reeves said of the figures:
“These figures don’t just underline a lack of growth under the Tories. They show the complete failure over 12 years to build an economy that actually works in the interests of working people.
“Married with the billions upon billions of taxpayer money that has been wasted on undelivered projects, crony contracts, unsafe PPE and Tory vanity projects, it shows just what irresponsible stewards of the economy the Conservatives are.
“Labour will stabilise our economy, and we will get it growing with our Green Prosperity Plan and our active partnership with British businesses.”