Reeves: We are at a moment of de-convergence
Rachel Reeves has said that “we are at a moment of de-convergence, trailing and falling further behind our competitors”, which she says has had “serious consequences for living standards, with real household disposable income set to be lower at the end of this parliament than at the beginning. The shadow chancellor delivered the key pre-election message to the business and economic community during the annual Mais Lecture in the city of London. Report by Covellm. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
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00:00 We are at a moment of deconvergence, trailing and falling further behind our competitors.
00:07 This has had serious consequences for living standards, with real household disposable incomes set to be lower at the end of this Parliament than they were at the beginning.
00:17 Today, the average British family is 10% worse off than their French counterparts, and a full 20% worse off than our German counterparts.
00:28 At root, productivity remains the key medium term determinant of wages.
00:34 It is the collapse in our productivity growth which explains wage stagnation.
00:40 What is demanded is a fundamental course correction.
00:45 The stakes have rarely been higher.