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Digital Subscriptions > Argyllshire Advertiser > 1st Deccember 2017 > Letters


Economy behind other countries


Councillor Alastair Redman really should have waited until after the budget before waxing lyrical about growth in the economy (The Argyllshire Advertiser letters page, November 24), or it may be that he just disagrees with the chancellor.

Growth in the economy is shrinking year on year – growth of GDP and productivity are both down. The government’s independent forecaster has downgraded annual productivity growth from 1.7 per cent to one per cent and has said ‘the UK is now growing more slowly than all advanced economies’ and ‘is well behind all the other G7 countries’.

Average wages are expected to be lower by £1,400 in 2021 than forecast in 2016 – that is lower in real terms than at the time of the 2008 crash which means, according to the director of the Institute for Fiscal Studies, ‘we are in danger of losing not just one but getting on for two decades of earnings growth’.

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