New analysis from Sheffield Labour reveals the total loss to families in Sheffield thanks to the UK’s falling living standards. Research from the TUC finds that the average UK household is £750 worse off than we would be had disposable incomes grown in line with similar economies. The average G7 economy saw disposable income grow at 3.5% since 2019, while in the UK it has contracted by 1.9%. Had we grown at the same rate as the G7 families across Sheffield would be a combined £184,500,000 better off.
The first mission of a new Labour government will be to secure the highest sustained growth in the G7 – with good jobs and productivity growth in every part of the country making everyone, not just a few, better off.
Publishing the analysis, Lewis Dagnall, Labour’s candidate in the Stannington by-election, said,
“The Conservatives have utterly failed to get Britain moving. Last year saw stagnant growth – in spite of the Prime Minister’s promise to get the country going again, the Tories crashed the British economy in 2022 – leaving working people to pay the price – and since 2019 household disposable income hasn’t just failed to grow – it’s got smaller. Meanwhile our competitors have sped ahead.
“It doesn’t have to be this way – and as we begin 2024 it is time for change. Families in Sheffield can’t afford five more years of the Conservatives. Labour has a plan to get Britain building again. We will make growth the central mission of the next Labour government – ensuring that there are good jobs and higher productivity in every part of the country making everyone better off.”