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From The Socialist newspaper, 6 November 2013

A joyless economic recovery?

Ross Saunders

The UK economy will shortly become the fastest growing economy in the western world predicts the ICAEW (the body which represents accountants).

The bosses' organisation, the CBI, has also stoked optimism with a prediction of higher growth than it had anticipated - 1.4% for 2013 and 2.4% for 2014, up from 1.2% and 2.3% respectively.

This follows the Office for National Statistics reporting that the economy has improved consistently all year and was now registering "fairly strong" performance not just in services but across several sectors including construction and manufacturing, the best since 2010.

So where's our share of the 'recovery'? If any readers of the Socialist are expecting to benefit from this 'boom', then prepare to be disappointed!

The evidence of recent history shows that any increase in wealth from growth in the economy, without a determined effort to prise it out of the hands of the capitalists, will not automatically translate into better living standards for the working class.

The National Institute of Economic and Social Research calculates that real wages won't be back to their pre-recession peak until 2019!

The Trade Union Congress reckons that on average each worker is £2,000 a year worse off since the start of the last recession.

The figures show we've been getting poorer, while the wealth we create gets swallowed up by the capitalists.

According to the Sunday Times Rich List 2013 the top 1,000 UK fat cats' combined wealth amounts to almost £450 billion. That's an increase of more than £35 billion from last year

There's been no austerity for the rich, and now there's no recovery of living standards for us. There are more families made homeless having to be housed in temporary bed and breakfast accommodation than at any time in the last decade.

And it's not just those who are out of work who have been hit. Over six million of those in poverty in Britain are in working households.

It's an indictment of the profit system of capitalism that over half of benefits are now claimed by the low-waged because scrooge employers won't pay enough for workers to live on.

Working class people have to fight in the workplaces for economic justice and build a socialist political alternative to capitalism - the only way that lasting prosperity for the millions can be achieved.

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In The Socialist 6 November 2013:


Socialism 2013

Socialism 2013 - reflecting a thirst for ideas


Socialist Party news and analysis

Nationalise the energy companies

End the witch hunt of Stevie Deans and Unite

Fight for a living wage!

A joyless economic recovery?

Them and Us


Socialist Party interview

This is no UTOPIA


Socialist Party workplace news

Joint strike by university staff

FBU strike: Determination to force government back

Postal strike called off for now

Warrington bus workers striking against pay freeze

Bosses find new ways of turning the screw

Workplace news in brief


Socialist Party reports and campaigns

Trade union action needed to protect London NHS

Build a mass movement to defeat workfare and all cuts

Nuneaton: 18-year old student stands for TUSC

Waltham Forest's 'join' week of action success

Huddersfield students say: Save our bar and café!


Reviews and readers' comments

No Fire Zone reveals truth of war crimes against Tamils

Book review: Marxism in Today's World

Answering Tory lies about teachers


 

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