{"id":41508,"date":"2018-04-25T09:17:04","date_gmt":"2018-04-25T08:17:04","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=41508"},"modified":"2018-04-25T09:17:04","modified_gmt":"2018-04-25T08:17:04","slug":"tory-austerity-has-delivered-the-worst-decade-for-uk-productivity-growth-since-the-18th-century","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2018\/04\/25\/tory-austerity-has-delivered-the-worst-decade-for-uk-productivity-growth-since-the-18th-century\/","title":{"rendered":"Tory austerity has delivered the worst decade for UK productivity growth since the 18th century"},"content":{"rendered":"<p>Bank Underground, the Bank of England's blog, has published a new post by BoE researcher John Lewis this morning, <a href=\"https:\/\/bankunderground.co.uk\/2018\/04\/25\/bitesize-the-past-decades-productivity-growth-in-historical-context\/#more-3989\" target=\"_blank\" rel=\"noopener\">saying<\/a>:<\/p>\n<blockquote><p>How poor has the past decade of productivity growth been by historical standards? Exceptionally.<\/p>\n<p>To investigate this I take\u00a0<a href=\"https:\/\/en.wikipedia.org\/wiki\/Total_factor_productivity\" target=\"_blank\" rel=\"noopener\">Total Factor Productivity<\/a>\u00a0data from the Bank\u2019s\u00a0<a href=\"https:\/\/www.bankofengland.co.uk\/statistics\/research-datasets\" target=\"_blank\" rel=\"noopener\">Millennium of Macroeconomic Data<\/a>\u00a0dataset and add on my estimate of 2017 growth (0.14%)<\/p>\n<p><a href=\"https:\/\/bankunderground.files.wordpress.com\/2018\/04\/2018_lewis_producitivty_fig1.png\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-3990 aligncenter\" src=\"https:\/\/bankunderground.files.wordpress.com\/2018\/04\/2018_lewis_producitivty_fig1.png?w=500&amp;h=700\" sizes=\"auto, (max-width: 500px) 100vw, 500px\" srcset=\"https:\/\/bankunderground.files.wordpress.com\/2018\/04\/2018_lewis_producitivty_fig1.png?w=500&amp;h=700 500w, https:\/\/bankunderground.files.wordpress.com\/2018\/04\/2018_lewis_producitivty_fig1.png?w=1000&amp;h=1400 1000w, https:\/\/bankunderground.files.wordpress.com\/2018\/04\/2018_lewis_producitivty_fig1.png?w=107&amp;h=150 107w, https:\/\/bankunderground.files.wordpress.com\/2018\/04\/2018_lewis_producitivty_fig1.png?w=214&amp;h=300 214w, https:\/\/bankunderground.files.wordpress.com\/2018\/04\/2018_lewis_producitivty_fig1.png?w=768&amp;h=1075 768w, https:\/\/bankunderground.files.wordpress.com\/2018\/04\/2018_lewis_producitivty_fig1.png?w=731&amp;h=1024 731w\" alt=\"\" width=\"500\" height=\"700\" data-attachment-id=\"3990\" data-permalink=\"https:\/\/bankunderground.co.uk\/2018\/04\/25\/bitesize-the-past-decades-productivity-growth-in-historical-context\/2018_lewis_producitivty_fig1\/\" data-orig-file=\"https:\/\/bankunderground.files.wordpress.com\/2018\/04\/2018_lewis_producitivty_fig1.png\" data-orig-size=\"1075,1505\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"2018_lewis_producitivty_fig1\" data-image-description=\"\" data-medium-file=\"https:\/\/bankunderground.files.wordpress.com\/2018\/04\/2018_lewis_producitivty_fig1.png?w=214\" data-large-file=\"https:\/\/bankunderground.files.wordpress.com\/2018\/04\/2018_lewis_producitivty_fig1.png?w=500&amp;h=700\" \/><\/a><\/p>\n<p>From 2007, 10-year average productivity growth was negative for the first time in almost a century.\u00a0 Overall, it was the worst decade since the late 18<sup>th<\/sup>\u00a0century.<\/p><\/blockquote>\n<p>There's not much to add to that. Except, of course, that austerity\u00a0clearly does not work.<\/p>\n<p>And to wonder why the Tories retain any economic credibility.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bank Underground, the Bank of England&#8217;s blog, has published a new post by BoE researcher John Lewis this morning, saying: How poor has the past<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2018\/04\/25\/tory-austerity-has-delivered-the-worst-decade-for-uk-productivity-growth-since-the-18th-century\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"class_list":["post-41508","post","type-post","status-publish","format-standard","hentry","category-economics"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/41508","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=41508"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/41508\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=41508"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=41508"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=41508"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}