The UK economy has now entered its first double-dip recession in a generation and growth continues to stagnate. If we are to avoid the risk of near-permanent stagnation, the fundamental imbalances in our economy need to be addressed. If not, growth will continue to evade us.
The aftermath of the greatest economic crisis since the Depression of the 1930s has seen the wealth divide between the richest and the rest continue to grow. In the UK, real wages have fallen by seven per cent in the last two years – and are still falling – while personal fortunes at the top are continuing to rise. Vast income gaps remain.