• Privacy policy
  • T&C’s
  • About Us
    • FAQ
    • Meet the Team
  • Contact us
TLE ONLINE SHOP!
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
No Result
View All Result
The London Economic
SUPPORT THE LONDON ECONOMIC
NEWSLETTER
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
No Result
View All Result
The London Economic
No Result
View All Result
Home News Finance

Austerity policies have made us all £1,495 a year worse off, analysis shows

Austerity policies have resulted in nine years of slower growth and left us all £1,495 a year worse off, analysis by The New Economics Foundation has revealed. The think tank found the impact of tax and spending changes since the Conservatives came to power had left the economy £100 billion smaller than it would otherwise have been. […]

Jack Peat by Jack Peat
2019-02-21 15:10
in Finance, News, Politics
FacebookTwitterLinkedinEmailWhatsapp

Austerity policies have resulted in nine years of slower growth and left us all £1,495 a year worse off, analysis by The New Economics Foundation has revealed.

The think tank found the impact of tax and spending changes since the Conservatives came to power had left the economy £100 billion smaller than it would otherwise have been.

As a result, the cumulative effect of tax, public spending and welfare adjustments on growth by the end of the 2018-19 financial year had left the average household £3,629 a year worse off – the equivalent of £1,495 per person.

Chancellor Philip Hammond has vowed to end austerity in his budget for 2019 but it is still unclear whether he will hit his forecast for budget deficit of £25.5 billion to do so.

The UN Special Rapporteur on extreme poverty and human rights Philip Alston suggested last year that austerity may not have saved the country as much as expected following the financial crisis.

John McDonnell, the shadow chancellor, said: “Austerity has torn apart the fabric of our society, and this new work by NEF shows just how damaging its impact has been over nine years.”

NEF head of economics Alfie Stirling added: “At this time of year there is often renewed speculation over whether the chancellor will meet his year-end deficit targets by March. But for nine years, the elephant in the room has largely been missed: the sheer scale of economic damage that these targets have contributed to in the first place.”

RelatedPosts

Andrew Neil has Johnson hook, line and sinker on ‘leadership duty’ excuse

‘Appalling and upsetting:’ Fury at treatment of security and cleaning staff during partygate events

Boris Johnson snaps at Beth Rigby during tense press conference

Watch: ‘I’m being heckled by my own people’ says Tory MP as he slams PM and demands he resigns

“The big picture here is that the livelihoods of people and communities have been made more bleak as a direct consequence of active government decisions. This should not be allowed to happen again.”

The Treasury defended its handling of the economy, saying since 2010 the economy has grown 18.3 per cent, faster than France, Italy and Japan.

Since you are here

Since you are here, we wanted to ask for your help.

Journalism in Britain is under threat. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations.

Our mission is to hold the powerful to account. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. But we can't do it without you.

If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. We only ask you to donate what you can afford, with an option to cancel your subscription at any point.

To donate or subscribe to The London Economic, click here.

The TLE shop is also now open, with all profits going to supporting our work.

The shop can be found here.

You can also SUBSCRIBE TO OUR NEWSLETTER .

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

Trending on TLE

  • All
  • trending
Abdollah

‘Rescue us’: Afghan teacher begs UK to help him escape Taliban

CHOMSKY: “If Corbyn had been elected, Britain would be pursuing a much more sane course”

What If We Got Rid Of Prisons?

More from TLE

Immigration to UK from non-EU countries hits record levels

Steve Bray hits back after MP calls for him to be locked in the Tower

Watch: Tory MP’s ‘insincere’ bullying apology lands him a likely Commons suspension

Do you have what it takes to run your own business?

Football coach found guilty of trying to rape star player, 13

Proms rules the news cycle – pushing exam fiasco and Brexit into the shadows

Government package for business ‘too little too late’ for workers

Fox spotted sitting on upper deck of sightseeing bus

Video – Vegan protesting outside shop that sells fur says he was headbutted

The Top 10 Scariest Horror Scenes in Cinema History

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Meet the Team
    • Privacy policy
  • Contact us

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.