https://sputnikglobe.com/20230809/uk-levelling-up-policy-for-regions-fails-to-reverse-pandemic-slump-1112480616.html
UK 'Levelling Up' Policy for Regions Fails to Reverse Pandemic Slump
UK 'Levelling Up' Policy for Regions Fails to Reverse Pandemic Slump
Sputnik International
The British Conservative party pledged to "level-up" de-industrialised regions in the north and midlands of the country after lifelong Labour supporters "lent their votes" to pro-Brexit PM Boris Johnson in 2019.
2023-08-09T13:20+0000
2023-08-09T13:20+0000
2023-08-09T14:36+0000
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The British government's efforts to "level-up" depressed northern regions has not made up for the damage done by the COVID-19 lockdowns.The National Institute of Economic and Social Research (NIESR), Britain's oldest economic think-tank, was pessimistic in its UK summer outlook report on Wednesday.It predicted economic growth of just 0.4% for this year, with an even more meagre 0.3% in 2024 — with a 60% risk of falling into recession.Taking into account the official growth in population around 0.5%over the past decade, those growth predictions would equate to economic stagnation.NIESR also predicted that inflation would stay well above five percent, defying Prime Minister Rishi Sunak's pledge to halve the surge and the Bank of England's interest rate hikes to over five percent. It said the "core inflation" rate, which excludes volatile commodities like food and energy, would hit 6.9 percent.Returning the UK to economic growth “remains the key challenge facing policy makers as we approach the next election,” he stressed.Wage-earners in some regions will face a double whammy blow as their real-terms incomes fall below pre-pandemic levels in the East of England, South-East and West Midlands.The think-tank said the West Midlands, dominated by the Birmingham conurbation, will be worst-hit, with real wages spending power five percent lower than in 2019.Those at the bottom of the pile will also be worst hit by soaring food, energy and housing costs cutting their real disposable income by 17 percent.Former PM Boris Johnson promised to repay northern voters who switched from the Labour Party to his Conservatives in the 2019 snap general election by bringing more economic development to areas outside the affluent South-East and London.The Tories won a landslide victory, grabbing some 50 seats from Labour across its northern "Red Wall" heartlands over the opposition party's rejection of overwhelming support in those areas for leaving the European Union.
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UK 'Levelling Up' Policy for Regions Fails to Reverse Pandemic Slump
13:20 GMT 09.08.2023 (Updated: 14:36 GMT 09.08.2023) The British Conservative party pledged to "level-up" de-industrialized regions in the north and midlands of the country after lifelong Labour supporters "lent their votes" to pro-Brexit PM Boris Johnson in 2019.
The British government's efforts to "level-up" depressed northern regions has not made up for the damage done by the COVID-19 lockdowns.
The National Institute of Economic and Social Research (NIESR), Britain's oldest economic think-tank, was pessimistic in its
UK summer outlook report on Wednesday.
It predicted economic growth of just 0.4% for this year, with an even more meagre 0.3% in 2024 — with a 60% risk of falling into recession.
Taking into account the official growth in population around 0.5%over the past decade, those growth predictions would equate to economic stagnation.
NIESR also predicted that inflation would stay well above five percent, defying Prime Minister
Rishi Sunak's pledge to halve the surge and the Bank of England's interest rate hikes to over five percent. It said the "core inflation" rate, which excludes volatile commodities like food and energy, would hit 6.9 percent.
“The triple supply shocks of Brexit, COVID and the Russian invasion of Ukraine, together with the monetary tightening that has been necessary to bring inflation down, have badly affected the UK economy,” said NIESR head of forecasting Stephen Millard.
Returning the UK to economic growth “remains the key challenge facing policy makers as we approach the next election,” he stressed.
Wage-earners in some regions will face a double whammy blow as their real-terms incomes fall below pre-pandemic levels in the East of England, South-East and West Midlands.
The think-tank said the West Midlands, dominated by the
Birmingham conurbation, will be worst-hit, with real wages spending power five percent lower than in 2019.
Those at the bottom of the pile will also be worst hit by soaring food, energy and housing costs cutting their real disposable income by 17 percent.
Former PM
Boris Johnson promised to repay northern voters who switched from the Labour Party to his Conservatives in the 2019 snap general election by bringing more economic development to areas outside the affluent South-East and London.
The Tories won a landslide victory, grabbing some 50 seats from Labour across its northern "Red Wall" heartlands over the opposition party's rejection of overwhelming support in those areas for leaving the European Union.
