0:00
nearly half of UK voters believe that
0:03
living standards have worsened over the
0:05
last 12 months and that's according to a
0:08
poll run by city and the consultancy
0:11
Freshwater Strategies so why are Brits
0:14
feeling poorer in the 10 months since
0:16
Kier Stalmer took to Downing Streets on
0:19
a month-to-month basis GDP growth has
0:22
been pretty sluggish the last time
0:24
growth hit 0.6% 6% in a month was in
0:28
March last year while February this year
0:31
saw a quite strong figure of
0:34
0.5% but all the while high growth has
0:37
been described as erratic by leading
0:40
economists at the Bank of England and
0:43
genuine growth beneath the figure is
0:45
likely closer to zero this may be
0:48
because some sectors of the economy
0:50
produce more in a month than expected
0:53
and a flurry of activity can drive quick
0:56
spikes in growth figures gdp per person
0:59
on the other hand has wavered around the
1:02
zero mark for the best part of 2 years
1:05
this data has likely been driven by high
1:08
levels of net migration hitting over
1:10
700,000 for 2 years running while
1:13
economic growth has stalled all the
1:16
while inflation has been above the
1:18
target rate of 2% for the best part of 4
1:21
years price growth peaked at 11% in late
1:25
2022 and could still come in at over 3%
1:28
in April this if anything suggests the
1:32
cost of living crisis is not over yet
1:35
high interest rates soaring energy
1:38
prices expensive housing and a high tax
1:41
burden are all factors behind the
1:44
deterioration in living standards which
1:46
the Labor government inherited from
1:48
their predecessors but if anything
1:51
business leaders both small and large
1:54
have argued that Chancellor Reeves has
1:56
not yet done anything to alleviate some
1:59
of those cost pressures for both
2:01
businesses and voters she may have even
2:04
exacerbated some of those problems
2:06
rachel Reeves argued at the last autumn
2:08
budget that she had to aggressively
2:10
raise taxes on employers asset holders
2:13
private schools wealthy investors and
2:15
house buyers because she had to fill
2:18
what she called a black hole left in the
2:20
public finances and these taxes have
2:23
been used to increase spending on areas
2:26
such as the NHS and state education and
2:29
there are strong hopes now that the
2:31
government will begin to unveil policies
2:33
to improve living standards across the
2:36
UK and that has begun with reforms to
2:39
immigration which the government hopes
2:41
will lead to businesses training more
2:44
British workers instead of recruiting
2:46
from abroad there are also pension
2:49
scheme reforms a government spending
2:51
review and the rolling out of an
2:52
industrial strategy that could unlock
2:55
investment and boost growth this would
2:57
add to reforms to make it easier for
3:00
constructors to build more houses but
3:02
politicians in Downing Street will
3:05
surely be on edge multiple surveys
3:08
indicate business confidence is on the
3:10
floor because of tax rises president
3:12
Trump's trade war risks derailing growth
3:15
plans and nearly half of 1,000 UK voters
3:19
pulled by and freshwater strategies
3:22
believe household finances will worsen
3:25
in the next year so it will take a lot
3:28
for the general mood to change for more
3:30
analysis of Labour's growth plans head
