GMB: UK is a long way from recovery
GDP per head is still 5.7% below 2007 levels which is the root cause of average earnings being down 13.8% in real terms since then says GMB
Commenting on the Gross Domestic Product: Preliminary Estimate – Q1 2014 released yesterday Paul Kenny, GMB General Secretary, said “”Onwards and upwards” will be the response of politicians and commentators to the latest GDP figures.
“Meanwhile back in the real world people know that while the recovery underway is welcome we have a very long way to go to climb out of the hole caused by the recession.
Much of the growth is due to demographic factors and the increase in population means GDP per head is still 5.7% below 2007 levels.
GMB said this is the root cause of average earnings being down 13.8% in real terms since then.
The share of income from labour in the UK going to the top 1% of earners has nearly doubled from 7% in 1970 to 13% in 2011.
Before the recession the top 1% of earners were raking in over 15% of all pay. There is nothing to stop the top 1% getting the lions share again. See notes to editors for figures