It’s what we all suspected – money goes into profits not wages – yet who are the people in charge of our LEP? Those who suck up those profits! That’s the market economy.
“The UK is the most geographically unbalanced economy in Europe and needs radical reform, an IPPR think-tank report has concluded.
The study highlighted that 40% of the countries output is produced in London and the South East and average incomes in the North West, South West, West Midlands and Wales are now more than 30% lower than in London. …
It stated gains from growth have gone largely into profits rather than earnings, and the UK economy is now in the longest period of pay stagnation for 150 years.
IPPR noted that though GDP per head has risen by 12% since 2010, average earnings per employee have fallen by 6%.
Since the 1970s the share of national income which has gone to wages has gradually declined, from 80% to 73%, while the share going to profits has increased.
The wage share is now the lowest it has been since the second world war, said the report.”