Search
Close this search box.

Recovery? Yes, but it’s a deep, deep hole

Recovery? Yes, but it’s a deep, deep hole

The recovery is underway and that's welcome, but there is a very long way to go, to climb out of the hole caused by the recession says GMB.

GDP per head is still 5.8 percent below 2007 levels which is the root cause of average earnings being down 13.8 percent in real terms since then says GMB. GMB commented on unemployment figures released today 16th April.

Paul Kenny, GMB General Secretary, said “The recovery underway is welcome but we have a very long way to go to climb out of the hole caused by the recession. Given the increase in population GDP per head is still 5.8 percent below 2007 levels. This is the root cause of average earnings being down 13.8 percent in real terms since then. The pay of the bottom 50 percent of the workforce is still being squeezed. Public sector workers pay is being frozen or increasing less than inflation. This explains why Tesco like for like sales are down.”

Year 

GDP seasonally (£m)

Population

 GDP per head (£)

Index

 

% change

 

 

 

 

 

 

 

2007

1,552,989

61,319,100

25,326

100

 

2008

1,541,039

61,823,800

24,926

98.4

-1.6

2009

1,461,361

62,260,500

23,472

92.7

-7.3

2010

1,485,616

62,759,500

23,672

93.5

-6.5

2011

1,502,216

63,285,100

23,737

93.7

-6.3

2012

1,505,993

63,705,000

23,640

93.3

-6.7

2013

1,532,431

64,135,000

23,894

94.3

-5.7

Read more

Latest News

Read More

Rise in recruitment fraud must urgently be checked

28 March 2024

Newsletter

Receive the latest HR news and strategic content

Please note, as per the GDPR Legislation, we need to ensure you are ‘Opted In’ to receive updates from ‘theHRDIRECTOR’. We will NEVER sell, rent, share or give away your data to third parties. We only use it to send information about our products and updates within the HR space To see our Privacy Policy – click here

Latest HR Jobs

University of Cambridge – Judge Business SchoolSalary: £32,332 to £38,205 pa, pro rata

University of Cambridge – Judge Business SchoolSalary: £29,605 to £33,966 pa, pro rata

University of Oxford – Blavatnik School of GovernmentSalary: Grade 5: £28,759 – £33,966 per annum (with a discretionary range to £37,099)

Software Development Director (Exec Team Seat). Remote Working with Ellesmere Port Office-Based Minimum 1 Day Per Week. + Contribution towards membership fees. £120,000 – £140,000

Read the latest digital issue of theHRDIRECTOR for FREE

Read the latest digital issue of theHRDIRECTOR for FREE