Northumberland £733million worse off, £5,000 per household, thanks to low growth

New research from the Shadow Treasury team reveals Britain’s economy is £140bn lower than it would be had it grown at the average of the OECD over the past decade. That’s equivalent to £5,000 per household every year – across Northumberland that’s £733m. If Britain had grown in line with our competitors that would mean an additional £50bn in tax revenues in our public services.

The analysis comes as the latest figures reveal the UK economy is now in recession.

Publishing the figures, Labour’s Cllr Scott Dickinson MBE said,

“Families in Northumberland are being hammered by Rishi’s recession and the Conservative cost of living crisis.

“A lost decade of stagnant growth has cost us the equivalent of £5,000 per household – and knocked a staggering £50bn of tax revenues which could be used to support our crumbling public services.

“Northumberland needs real change to get this country moving again. The Conservatives can’t provide it because they are the problem.

“But Labour has a plan. We will end the chaos and take Britain from instability and short-termism to a mission-based government, prioritising economic security, for families and for our country. That means delivering the stability, investment and reform that we need to deliver good jobs and growth in every part of the country – including right here in Northumberland.”