Wages in Swansea West are 14.8% lower than when Tories came to power

New analysis reveals the UK Conservative Government’s wholescale failure to grow the economy and to level up Britain, with figures showing that in every region in Great Britain real wages are lower now than when the Tories came to power in 2010.

Swansea West MP, Geraint Davies, has called for more investment in Swansea West from the UK Government as latest figures show that since 2010 real wages are down by 14.8% or £5,248 per working person.

Geraint Davies MP said

“In Swansea West we have the local authority, the universities and hospital as major employers so the cuts from UK government in funding for Wales has hit us hard. Historically, sixty per cent of Wales’ exports have been to the EU so the Tory Brexit has also cost jobs and income.

 

The Conservatives have failed to grow the UK economy. In fact had trend growth under the last Labour Government continued then average wages would be £10,000 higher across UK. Instead in Swansea West they are over £5000 lower. We have been starved of investment with broken promises on funding for rail electrification and the tidal lagoon and Wales is being denied it’s £5billion share of HS2 when Scotland, who benefits, gets theirs. Meanwhile, as EU funding comes to en end 50 projects and 270 jobs at the university at the cutting edge of green growth are at risk unless the UK government matches previous funding having promised “not a penny less” in their Brexit campaign.

 

Across Wales and UK our economy is hit by lack of investment to drive growth we need for well funded public services. In ten years Labour grew the UK economy by forty per cent and used the extra tax revenues to double investment in health and education and to lift a million pensioners and a million children out of poverty. It’s time for a labour government to put us back on track with a green growth agenda that also sparks up UK exports again. In the meantime investment in health and education as well as innovation is key to get us back on track to becoming a high wage economy.”

 

Across the country as a whole, real wages are down by an average of 5%, leaving people £1,600 a year worse off than they were in 2010. Wages in Swansea West constituency have fallen by £5,248 per year, resulting in a 14.8% cut.

A crucial component of getting wages up and improving living standards is growing the economy, something that has stalled under the Tories.

If the economy had continued to grow at the same rate as it had been with the last Labour government, then there would be £30 billion more to spend on public services without having to raise a single tax.

Labour’s Shadow Chancellor Rachel Reeves said:

“These figures don’t just underline a lack of growth under the Tories.

“They show the complete failure over 12 years to build an economy that actually works in the interests of working people.

“Married with the billions upon billions of taxpayer money that has been wasted on undelivered projects, crony contracts, unsafe PPE and Tory vanity projects, it shows just what irresponsible stewards of the economy the Conservatives are.

“Labour will stabilise our economy, and we will get it growing with our Green Prosperity Plan and our active partnership with British businesses.”