New analysis reveals the Tories’ wholescale 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 by an average of 5%, leaving people £1,600 a year worse off than they were in 2010. Wages in Portsmouth South have fallen by £736 a year, resulting in a 2.3% cut. In Portsmouth North, wages have fallen by £1,628 which is a 4.7% cut.
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.
Stephen Morgan MP, responding on the impact of falling wages in Portsmouth, said:
“12 years of the Tories has seen public services stretched to breaking point in our city and failed economic growth across the country.
“This government’s broken promises have resulted in stagnant wages and rising bills, which has left many working people in Portsmouth facing an economic emergency.
“Labour’s plan will get our economy growing again by using a modern industrial strategy and active partnership with business, making our country stronger so that living standards improve and we can once again lead on the global stage.”
Labour’s Shadow Chancellor Rachel Reeves, said:
“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.”
