New analysis shows that the UK is one of the worst-performing developed economies in the world since the last general election in 2017 as business investment and exports have decline. With its annual growth coming in at just 1.3 per cent – less than half the average of 2.7 per cent among members of the Organization for Economic Cooperation and Development (OECD), a club of wealthy nations. That put the UK at 31st out of 35 OECD nations in the period since Theresa May unexpectedly lost the Conservative’s parliamentary majority.

Nearly every OECD nation has outdone the UK on exports and levels of investment, which have slowed evidently as a result of the uncertainty surrounding Brexit.

The figures were compiled by the Trade Union Congress (TUC), who said a decade of asceticism, Brexit mismanagement and a fragile global economy has caused a collapse in business confidence.

The TUC general secretary, Frances O’Grady said: “The UK economy has fallen into the relegation zone – and you have to blame the manager. The current government is leaving the economy in a dismal state.


“When Britain needed to invest, they chose corporate tax cuts. And when Britain needed to rebuild, they chose more austerity’’. The picture has been predominantly unwelcoming for investment, which fell at an annual average rate of -0.2 per cent between the second quarter of 2017 and the same period this year. By contrast, the rest of the OECD nations averaged 3.4 annual growth during that time.

Once public and housing investment is stripped out, UK business investment was even weaker over the period, falling at an annual rate of -1.3 per cent.

United Kingdom is experiencing one of world’s worst economy recession.

“We need leaders who will take on the UK’s rigged economy,” Ms O’Grady added. “And we need a plan for world-class public services, modern industry and decent jobs.”

The Workers have paid the price for lackluster growth, the TUC said. That claim was supported by separate analysis from the Resolution Foundation, published on Thursday. It forecasts that British workers will only see average wages surpass their 2007 peak in November or December this year – which will bring an end to the longest period of stagnant wages in 200 years.

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Although Brexit is seen as the key battleground of the upcoming general election, the economy will also be substantial.

Average hourly pay among workers under 40 years old who have polled heavily in approval of the Labor Party since the last election are still being paid less than the same age group were before the financial crisis.

The shadow chancellor, John McDonnell said: “The Conservatives’ mismanagement of both the economy and Brexit is having a disastrous impact on our economy, undermining wages, jobs and living standards.”