New analysis reveals the Tories’ wholescale failure to grow the economy and to level up Britain, with figures showing that in every region in Great Britain real wages are lower now than when the Tories came to power in 2010.
Across the country as a whole, real wages are down by an average of 5%, leaving people £1,600 a year worse off than they were in 2010. Wages in Gower have fallen by £4700, resulting in a 12.7% cut.
A crucial component of getting wages up and improving living standards is growing the economy, something that has stalled under the Tories.
If the economy had continued to grow at the same rate as it had been with the last Labour government, then there would be £30 billion more to spend on public services without having to raise a single tax.
Labour’s Shadow Chancellor Rachel Reeves said:
“These figures don’t just underline a lack of growth under the Tories. They show the complete failure over 12 years to build an economy that actually works in the interests of working people. Married with the billions upon billions of taxpayer money that has been wasted on undelivered projects, crony contracts, unsafe PPE and Tory vanity projects, it shows just what irresponsible stewards of the economy the Conservatives are. Labour will stabilise our economy, and we will get it growing with our Green Prosperity Plan and our active partnership with British businesses.”
Local MP Tonia Antoniazzi responding on the impact of falling wages in Gower constituency, said:
Gower has so much potential but right now we're facing an economic crisis because of 12 years of Tory failure. We need a Prime Minister with big ideas to change the mood of the country and put us on the right track, instead we have the weak Rishi Sunak who is ruled by his ruinous backbenchers. People in Swansea deserve and need a UK Labour Government which is going to act in their interests, not a Tory government only interested in protecting their vested interests."