Since the banking crash, economic growth in the UK has been consistently weak Waiting for growth to turn up is not a sensible, cautious approach, but a recipe for failure – as the last 15 years have shown 🖋️ FisherAndrew79 for ipaperviews
– as the last 15 years have shown. The UK needs a fundamental reset. The economic crisis is the reason for transformation, not inaction.
Strong and sustained economic growth won’t happen without putting more pounds in people’s pockets and investing in public services. So when Labour refuses to commit to better pay rises for public sector workers, it is not only condemning them to continued falling living standards. It also means Labour aren’t likely to address the recruitment and retention issues in the NHS and schools – which are a drag on growth. The NHS has over 110,000 vacancies. Unless Labour delivers the funding to increase pay, those vacancies are unlikely to be filled and the 7.
It’s a virtuous circle: the underfunding of public services is a drag on economic growth. The austerity of the George Osborne has damaged our economic prospects long-term, and according to one study, caused. We know the consequences – both human and economic – of continuing in that way. The point of the Labour Party is not just to get into government, but to do something useful and lasting while it’s there. Otherwise what is the point? Of course, it’s true to say ambition without power is futile, but the reverse is equally true: power without ambition is useless too.
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