The recovery is underway and that's welcome, but there is a very long way to go, to climb out of the hole caused by the recession says GMB.
GDP per head is still 5.8 percent below 2007 levels which is the root cause of average earnings being down 13.8 percent in real terms since then says GMB. GMB commented on unemployment figures released today 16th April.
Paul Kenny, GMB General Secretary, said “The recovery underway is welcome but we have a very long way to go to climb out of the hole caused by the recession. Given the increase in population GDP per head is still 5.8 percent below 2007 levels. This is the root cause of average earnings being down 13.8 percent in real terms since then. The pay of the bottom 50 percent of the workforce is still being squeezed. Public sector workers pay is being frozen or increasing less than inflation. This explains why Tesco like for like sales are down.”
|
Year |
GDP seasonally (£m) |
Population |
GDP per head (£) |
Index |
% change
|
|
|
|
|
|
|
|
|
2007 |
1,552,989 |
61,319,100 |
25,326 |
100 |
|
|
2008 |
1,541,039 |
61,823,800 |
24,926 |
98.4 |
-1.6 |
|
2009 |
1,461,361 |
62,260,500 |
23,472 |
92.7 |
-7.3 |
|
2010 |
1,485,616 |
62,759,500 |
23,672 |
93.5 |
-6.5 |
|
2011 |
1,502,216 |
63,285,100 |
23,737 |
93.7 |
-6.3 |
|
2012 |
1,505,993 |
63,705,000 |
23,640 |
93.3 |
-6.7 |
|
2013 |
1,532,431 |
64,135,000 |
23,894 |
94.3 |
-5.7 |
