Slow growth since the Tories took office leaves the UK average £4,000 worse off

Low growth since the Conservatives came to power in 2010 left the average Briton nearly £4,000, according to new figures.

Figures from the OECD and the Office for Budget Responsibility show the UK is on track to have grown by only 11% in real terms between 2010 and 2023.< /p>

This compares to a growth rate of over 24% for the average of other advanced economies in the OECD, leaving a per capita gap of £3,700.

The analysis, based on official Labor figures, comes as the opposition party puts growth at the heart of his message.

In a speech delivered at Liverpool last week, Keir Starmer said the priorities of a future Labor government would be "growth, growth, growth".

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It is the British economy was "weaker than its competitors". Less resistant. Brittle", adding: "And at the end of the day, we are all poorer for it".

OECD figures quoted by the opposition party show that the UK has experienced the one of the biggest blows to its economy in 2020, at -9.3 compared to the OECD average of -4.3%.

But the economic malaise has not been limited to the Covid pandemic alone, with mounting evidence that growth has been hit over the past 12 years by Brexit and austerity.

Labour said the loss of growth is also believed to have contributed £85 billion in lost tax revenue to public finances.

And real wages in the UK are still lower than before the financial crash of 2008 despite a decade and a half of economic activity.

The estimate comes amid a cost of living crisis, with bills and prices soaring. ne, new estimates suggest that typical household energy bills could rise to over £3,600 a year this winter, up from £1,400 in October 2021.

The National Institute for Economic and Social Research says Wednesday that inflation would continue to climb to "astronomical" levels thanks to rising petrol prices and the escalating cost of food.

Rachel Reeves, Labour's shadow chancellor , said: "Under the Tories, Britain is falling behind our competitors, pushing down wages and living standards.

"It is damning that 12 years of successive Tory governments have left an average Briton worse off than £4,000 compared to other OECD countries.

"Low-growth economies cannot meet the challenges of the future.

Thanks to our Climate Investment Pledge, the New Deal for Workers and our Plan buying, making and selling in Britain, Labor will deliver the strong, secure and fair growth our country needs."

< p>Speaking on Monday, Chancellor Nadhim Zahawi said on Monday that he rejected a "catastrophe" attitude towards the economy

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