Posted by Jake on Saturday, February 01, 2014 with 7 comments | Labels: Article, Graphs, jobs, Manufacturing, pay
The Tories are a pretty unsavoury bunch. But those who hope for a return to the last Labour government should be careful what they wish for. This graph from the Office of National Statistics report "An Examination of Falling Real Wages, 2010 - 2013" offers a startling insight into how Manufacturing jobs withered away under Labour between 2000 and 2010:
The cumulative effect of this has been the loss of one third of manufacturing jobs between 2000 and 2010. Much of this loss happened during the 'boom' years before the banker induced crash. The graph also shows that the vaunted 'boom' in the service industries (from bankers in financial services to waiters in restaurants) was more of a gentle hiss.
The ONS report also states that the growth in Services was mainly in the lower paid roles:
"ONS data also suggests that the changing composition of the UK workforce may have had an impact on real wages, particularly the shift from higher paid workers in the manufacturing sector towards lower paid services industries.
There have also been changes in the composition of the workforce within the services sector. As an example, the financial and insurances activities industry – which has relatively high levels of earnings – fell as a share of the workforce, while the real estate activities and administrative support service activities sector – which is on average lower paid – rose."
Tories did worse. But Labour's betrayal is worst.
ReplyDeleteSo #Cameron's much vaunted job increase is mainly in services (many with multiple P/T jobs) while manufacturing shows slow decline. Why do I feel this country has been #solddowntheriver?
ReplyDelete@DanDelion .... Because it has? By successive governments and there is no viable alternative political force in sight. As a generalisation current parties seem to comprise self serving career politicians - not about creating a more equal, caring, vibrant society that we can all enjoy and feel better about.
ReplyDeleteWhy bother manufacturing when we can get foreigners to do all the dirty work for free? Britain has been running massive trade deficits for decades without consequences. Who needs manufacturing when foreign nations keep buying out treasury gilts? All our debt is denominated in British pounds sterling and Britain is a sovereign state with a sovereign currency so long may manufacturing decline and long may we continue to over consume luxury imported goods as long as other nations are so stupid to buy our debt.
ReplyDeleteSo given that you dont like the Tories or Labour..who wd u recommend or are u just sitting on the fence like a Libdem ? I will vote Labour not because they tick every box but are just a wee bit better (more humane) than the Tories
ReplyDeleteOur aim is to shine a light on social and economic issues including commercial (banking, energy, etc) and political (policy, promises, etc).
DeleteWe try to highlight the shenanigans of all parties, regardless of who they are, and let people decide for themselves.
The precipitous decline in manufacturing really took off when Thatcher abolished exchange controls. Can't survive without a plan, but we haven't had one since WW2.
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