Oxford folk are thousands of pounds worse off because of poor economic growth under the Conservative Government, new analysis shows.
Since the Tories took power in 2010, people in the city have missed out on £3,060 in disposable income, according to a think tank.
The Centre for Cities compared disposable income with predictions based on 1998-2010 economic trends.
READ MORE: Tories in trouble? Election poll predicts wipeout for party in Oxfordshire
The think tank also revealed the average person in the UK has been left with £10,200 less in disposable income since 2010.
The damning figures come after years of austerity and cuts implemented by successive Tory prime ministers.
Experts said the Government had “bounced from one plan to another with 11 different economic strategies, nine business secretaries and seven chancellors".
A Government spokesperson said the number of people on low pay had halved with increases in the national living wage.
Disposable income is the money a person is left with after paying bills, taxes and covering for the cost of living.
The think tank used primary urban areas in its analysis, which is a measure of the built-up area of a city, rather than individual local authorities.
The analysis revealed 4.6 million new jobs were created across the country between 2010 and 2022 –more than the 2.5 million between 1998 and 2010.
But productivity slowed in the same period.
It increased by an annual average of 0.6 per cent in the period 2010-2021, while this was 1.5 per cent in pre-2010.
In Oxford, there was a 14.9 per cent growth in jobs, but the average productivity growth rate remained roughly the same.
READ MORE: Oxford rugby club tribute to player killed after Christmas Day crash
Dr George Dibb, head of the Centre for Economic Justice at the Institute for Public Policy Research, said: “Poor wage growth over the last decade or so is a damning indictment of a stagnant economy with no direction.
“Instead of spending the past 14 years investing in good green jobs of the future, we have bounced from one plan to another with 11 different economic strategies, nine business secretaries and seven chancellors.”
A UK Government spokesperson said: “We are committed to levelling-up every corner of the UK, investing billions to support community regeneration projects, connecting 25.7 million premises with gigabit broadband, and over 50 per cent of England is now covered by a devolution deal.
“We have halved the number of people on low pay with increases in the national living wage, and thanks to an above-inflation increase to tax allowances, we have also saved the average earner over £1,000 a year since 2010.
“We did so after two massive global shocks – Covid and Putin’s war of aggression against Ukraine – which affected every economy worldwide. And yet, the UK has grown faster than Germany, Italy, France, Spain and Japan.”
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel