This week lower than expected Gross Domestic Product (GDP) figures were published, revealing a threat to the living standards for families across our country.
Growth for the first three months of 2017 was only half of what was expected by the current government. It comes on the back of new forecasts last week from leading independent forecasters showing growth and earnings expectations slashed and inflation revised up.
Cllr Stephen Morgan, Portsmouth’s Labour Leader said:
“It is clear to me the government’s economic plan has undermined the UK economy and is a threat to working people’s living standards.
Under current government proposals there will be cuts to in-work support which will leave working families with children an average of £2,500 a year worse off.
At the same time, average earnings are falling by £1,400 per year meaning working families will be worse off whilst those at the top get a tax break. This is another example of the Tories taking our great city and country backwards”.
Labour have announced they will introduce a real Living Wage of £10 per hour and bolster the economy by establishing a new National Investment Bank and Regional Development Banks to unlock £500 billion of investment and lending across the country.
Responding to the party’s proposals, Cllr Morgan added:
“Labour will stand up for the many by investing in a better future for our city”.