{"id":17413,"date":"2019-02-25T09:43:18","date_gmt":"2019-02-25T09:43:18","guid":{"rendered":"http:\/\/unitelive.org\/?p=17413"},"modified":"2020-11-12T12:57:13","modified_gmt":"2020-11-12T12:57:13","slug":"tory-austerity-shrinks-economy","status":"publish","type":"post","link":"https:\/\/unitelive.test.igniteamt.com\/?p=17413","title":{"rendered":"Tory austerity shrinks economy by \u00c2\u0141117bn"},"content":{"rendered":"
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A boost in public finances has been built \u00e2\u20ac\u015bon the back of failing public services, painful sacrifices by working people and the dreadful punishment of our most vulnerable\u00e2\u20ac\u0165, Unite has said.<\/p>\n

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Official figures<\/a> showed that tax revenue in January was \u00c2\u014114.9bn higher than public spending, even as two new studies found that the economy has been harmed because of austerity and child poverty is increasing.<\/p>\n

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Tory austerity has resulted slower economic growth each year since 2010 and left every household \u00c2\u01413,600 a year worse off, according to a report<\/a> by the New Economics Foundation think tank.<\/p>\n

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The report found that the combined effects of more than a decade of Tory austerity will have shrunk the British economy by \u00c2\u0141117bn a year by 2023.<\/p>\n

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Meanwhile, a report<\/a> by the Resolution Foundation said that unless the government changes its draconian cuts to welfare child poverty risks new highs.<\/p>\n

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The foundation said average family incomes are \u00e2\u20ac\u015bnot forecast to rise materially over the next two years” and that during the last two years wages had experienced \u00e2\u20ac\u015bstagnation\u00e2\u20ac\u0165.<\/p>\n

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Although the UK is experiencing record employment levels \u00e2\u20ac\u201c predominantly built on insecure, low paid work \u00e2\u20ac\u201c the foundation said weak wage growth since the 2008 financial crisis has combined with benefit cuts to hit the most vulnerable the hardest.<\/p>\n

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The foundation stated that wage growth \u00e2\u20ac\u201c which sits at 3 per cent \u00e2\u20ac\u201c is projected to stay under the pre-crisis rate of 4 per cent, saying that there\u00e2\u20ac\u2122s a \u00e2\u20ac\u015bhuge risk that.. incomes stagnate over the next few years\u00e2\u20ac\u0165.<\/p>\n

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Unite assistant general secretary Steve Turner said, \u00e2\u20ac\u015bThe government\u00e2\u20ac\u2122s surplus has been built on the back of failing public services, painful sacrifices by working people and the dreadful punishment of our most vulnerable. Child poverty is up, wages are down and the economy is stalling \u00e2\u20ac\u201c all thanks to Tory austerity<\/a>.<\/p>\n

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\u00e2\u20ac\u015bInstead of saving money by attacking the poor, the disabled, the elderly and the young and the services working people rely on, the government could raise tax revenue by investing in an economy that works for everyone and tackling labour exploitation and tax avoidance by those who hold the vast majority of the wealth.\u00e2\u20ac\u0165<\/p>\n

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A boost in public finances has been built \u00e2\u20ac\u015bon the back of failing public services, painful sacrifices by working people and the dreadful punishment of our most vulnerable\u00e2\u20ac\u0165, Unite has said.   Official figures showed that tax revenue in January was \u00c2\u014114.9bn higher than public spending, even as two new studies found that the economy […]<\/p>\n","protected":false},"author":2,"featured_media":912,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[76],"wps_subtitle":"Boost in public finances \u00e2\u20ac\u0098built on back of failing public services\u00e2\u20ac\u2122","_links":{"self":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts\/17413"}],"collection":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17413"}],"version-history":[{"count":2,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts\/17413\/revisions"}],"predecessor-version":[{"id":25499,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts\/17413\/revisions\/25499"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/media\/912"}],"wp:attachment":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17413"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17413"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17413"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}