Low growth is leaving Crawley families £5,000 worse annually

Britain’s economy is performing £140bn worse than it would have done had it maintained the average of the OECD over the past decade. That’s equivalent to £5,000 per household every year, with a total for the town’s economy as a whole of £227.5m.

Had Britain grown in-line with our competitors that would mean an additional £50bn in tax revenues, helping to plug the gap in the nation’s crumbling public services. 

The analysis comes shortly after the UK has been shown to have entered recession.

Publishing the figures, Labour’s Peter Lamb, said:

“Families in Crawley are being hammered by Conservatives’ recession and the cost of living crisis. With a third of the town’s children now growing up in poverty, the consequences of the Government’s economic incompetence are becoming to far hard to bear.

“A lost decade of stagnant growth has cost us the equivalent of £5,000 per household – and knocked a staggering £50bn of tax revenues which could be used to support our crumbling public services. 

“Crawley needs real change to get this country moving again, sticking with the Conservatives will only mean more of the same.

“The last Labour Government delivered the longest sustained period of economic growth in the UK’s history. Only Labour has a plan to get Britain back on track by delivering the stability, investment and reform that we need to for good jobs and growth – including right here in Crawley.”