UK economic growth lowest since WWII
A new report has shed more light on the unstable economic conditions of UK saying the country’s productivity growth is the lowest since Second World War.
The report by Office for National Statistics said productivity decreased by 0.2% in the third quarter of the financial year, leaving output per hour worked little changed on the previous year and slightly lower than in 2007, before the UK’s longest and deepest modern recession.
Experts blame the austerity measures of the collation government of UK Prime Minister David Cameron.
“The question with the austerity is that is it being fairly distributed? There is a need for austerity but people question why you are cutting taxes for the top one percent earnings in extent of £150 thousand a year, why cutting taxes on them while it’s increasing the tax burden on everybody else?” London-based economist Keith Pilbeam told Press TV.
He went on emphasizing that the austerity measures are being implemented with discrimination.
“It also goes with the way the government spends its money, so certain things seem to be protected, like the National Health Service, but others take a major cut like the social security budget which again tends to hit the poor people in society. So the question with austerity is it being fairly distributed around the society and giving the rich people a little bit more and taking off the poor is probably not the best way to go around things.”
He added that though some steps have been taken to improve the economy, it seems the steps are not enough.
“People see the progress in economy, the see the GDP is growing rapidly, but in fact their incomes have fallen in real terms. Their wages have been going up less than inflation for years on end,” He concluded.
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