Renfrewshire MP Mhairi Black has called on the UK government to boost household incomes and stimulate economic growth.
She is highlighting a new report from the Resolution Foundation that showed the UK is facing the longest period of declining living standards since records began.
GDP growth and productivity forecasts have prompted the Resolution Foundation to warn that real household disposable incomes are set to fall for an unprecedented 19 consecutive quarters between 2015 – 2020. It is predicted that average earnings will not return to 2007 levels until 2025.
The Institute for Fiscal Studies has also warned that these forecasts mean that the UK’s national debt may not return to the pre-financial crisis levels of 2007 until ‘‘well past the 2060’s”. The UK economy has the slowest growth rate of any advanced economy.
MP for Paisley and Renfrewshire South, Mhairi Black, said: “These forecasts mean we must stimulate economic growth now by boosting household incomes. The budget was a smoke and mirrors attempt to continue the failed austerity agenda that they have been conning us with for almost a decade now.”
“Both the Tories and the Labour Party cannot use the financial crisis of 2008 as an excuse anymore. People have felt the burden of cuts in the wrong places for too long.”
“If austerity continues and the forecasts are correct, the UK Treasury has failed the public for the last decade.”