Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Link to this page:

From The Socialist newspaper, 31 July 2014

Economic recovery - so where's our share-out?

Robin Clapp
Marching against austerity on 20 October 2012, photo Paul Mattsson

Marching against austerity on 20 October 2012, photo Paul Mattsson   (Click to enlarge)

The Tories can barely conceal their glee. With a general election just ten months away, Chancellor Osborne has announced that the economy has now expanded for the sixth consecutive quarter and has finally surpassed its pre-crisis output peak, reached in 2008. So where's our share-out?

This news makes no difference to the millions who've seen wages slashed by an average of 2,000 a year since 2010, probably the greatest ever decline on record. Nor those for whom the food bank is the new lifeline, or those bullied by DWP chiefs who issue vicious benefit sanction notices like confetti.

Austerity policies have been a barely disguised wealth transfusion from the pockets of the millions into the paws of the billionaires. More people in poverty are in work than jobless and the minimum wage remains rooted below that of France, Netherlands and Ireland.

Lack of investment

What the Tories didn't trumpet last week is that industrial production is stuck at 1988 levels, per capita productivity remains chronic and investment is 50 billion below that of 2008. Firms sit on cash mountains, but are reluctant to retool, preferring instead to exploit cheap, insecure labour.

The economy is hollowed out, still hugely reliant on services and a financial sector that remains a ticking time-bomb.

It has taken over six years for diseased British capitalism to claw itself back to this point, longer than it took to recover from the 1930s Great Depression.

This has only been achieved through slashing living standards, tax breaks to the rich, privatisations which like the sell-off of Royal Mail, give blank cheques to City bankers, maintaining extraordinary low interest rates and lubricating the economy by great dollops of quantitative easing - for which once again ordinary people will eventually foot the bill.

Permanent insecurity rather than recovery is our norm. Unemployment may officially have come down to 'just' 6.6%, but this disguises a huge growth in underemployment. Half of the jobs created in 2013 were people becoming self-employed, many driven involuntarily into this vulnerable cul-de-sac to escape dole-queue poverty.

Real jobs are increasingly replaced by boss-friendly zero-hour contracts, now standing at over 1.4 million. In the care industry alone, more than 160,000 are on these exploitative contracts, with no right to sick pay and no guaranteed right to holiday pay.

House building is at its lowest level since the 1920s. Yet over 100,000 estate agent jobs have been created since 2010, more than double the total for new manufacturing and construction jobs. London may be open to the oligarchs and private landlord racketeers, but for most, spiralling housing costs are just another nightmare.

Another week, another Tory lie, another reason to struggle to build the real recovery - the socialist recovery.

Why not click here to join the Socialist Party, or click here to donate to the Socialist Party.

In The Socialist 31 July 2014:

Middle East

No more carnage in Gaza - Mass struggle to end the siege - Stop Israeli state terror

Gaza in crisis - Mass action needed to stop bloodshed

Thousands march against slaughter in Gaza

Socialist Party feature

WW1 - 100 years since the great slaughter

Socialist Party

Obituary: Dave Boyes

Socialism 2014: Ideas to change the world

Socialist Party news

Socialist Party news and analysis

Economic recovery - so where's our share-out?

Student loan sell-off plan scrapped

More police spying revelations

Miliband needs a makeover... ...of his party and his politics

Them & Us

Socialist Party reports and campaigns

10/hr Now! Because the bills keep coming and the rent won't wait!

Tolpuddle martyrs rally

And now for something completely different... a barricaded cinema

Hackney tenants get organised

Solidarity with Birmingham student occupiers

Southampton: Channel 4's Immigration Street condemned

Rugby League: Have Featherstone fans got their club back?

Socialist Party workplace news

Passport Office strikes for jobs and decent pay

Reinstate Bryan Kennedy

The games that Glasgow Labour plays

Doncaster Care UK workers striking for 2 weeks

Workplace news in brief


Home   |   The Socialist 31 July 2014   |   Join the Socialist Party

Subscribe   |   Donate   |   PDF  |   ebook

Related links:


triangleYork Socialist Party: Was Marx right about the economy?

triangleGeneral election looms... Capitalists in chaos: Fight for socialism

triangle50 years since Apollo 11 - 'One giant leap': how political conflict launched the moon landing

triangleGig-economy exploitation doubles

triangleLaughable research denies low-pay scandal


triangleHarland and Wolff shipyard workers enter occupation

triangleNSSN meeting determined to fight for Ford workers

triangleThem & Us

triangleFight the closures save every job!


triangleBuild a working-class movement to force an election

triangleThem & Us

triangleWhat we saw


triangleHealth workers strike against 2,000 loss of pay

triangleSummer of airline industry strikes against low pay and worsening conditions

News and socialist analysis

News and socialist analysis



The 'national unity' threat to Corbynism


General election

General election looms... Capitalists in chaos: Fight for socialism



Tory bribes don't hide destruction of NHS


General election

Boot out Boris and all the Tory toffs - fight for socialist policies for the 99% not the 0.1%


Climate change

Tories look in wrong place for climate solutions



Build a working-class movement to force an election


Liberal Democrats

Lib Dems: little bosses' party elects eager pro-austerity leader



Labour promises to end council privatisation: councils must do that now!


Universal Credit

Fighting Universal Credit



CWI refounded with determination and confidence



Boris, Brexit and British capitalism



Socialist Party conference reaffirms the CWI's historic approach


General election

Stop Boris - General election now


Them & Us

Them & Us


Universal Credit

Fraudsters thrive and claimants suffer in despicable Universal Credit scam

triangleMore News and socialist analysis articles...

Join the Socialist Party
Subscribe to Socialist Party publications
Donate to the Socialist Party
Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube



Phone our national office on 020 8988 8777


Locate your nearest Socialist Party branch Text your name and postcode to 07761 818 206

Regional Socialist Party organisers:

Eastern: 0798 202 1969

East Mids: 0773 797 8057

London: 020 8988 8786

North East: 0784 114 4890

North West 07954 376 096

South East: 020 8988 8777

South West: 07759 796 478

Southern: 07833 681910

Wales: 07935 391 947

West Mids: 02476 555 620

Yorkshire: 0114 264 6551



Alphabetical listing

August 2019

July 2019

June 2019

May 2019

April 2019

March 2019

February 2019

January 2019