The Trade Union Congress (TUC) has concluded that recovery in the UK economy is happening at a slower rate than after any of the nation’s previous eight worst recessions, which date back to 1830, following analysis of statistics produced by the Government.
Recently released figures from the Office for National Statistics (ONS) have indicated economic growth at a rate of 0.7 per cent during the last quarter.
GDP per head is also said to have risen to £6,715, similar to the pre-crisis level in 2008.
In the five years following the worldwide recession in 2009, the growth rate for the UK has been 6.1 per cent.
However, despite the Government’s claims that Britain’s economy is currently booming, the actual pace of economic growth – as far as GDP per person is concerned – is much slower than rates recorded after some of the UK’s other major recessions, according to the TUC.
To highlight this, the national trade union body states that GDP growth after the 1970s recession was 11.4 per cent while after the 1980s crisis the growth rate was 15.5 per cent.
Furthermore, following the Great Depression of the 1930s, GDP per person went up by 21 per cent.
The TUC’s general secretary – Frances O’Grady – said: “We are stuck in a culture of low expectations for the economy. And while it suits the Chancellor to get an easy ride for his shoddy record, it’s not good for the rest of us.
“Six years on from the recession, our economy should be doing much better by now. It has never taken us so long to recover from a major recession before.”