Blog
Per capita incomes fall during Labour’s 3rd term
31st December 2009
There is plenty of coverage today of new data from Oxford Economics that shows how per capita incomes have declined during the third term of the Labour Government.
UK GDP per capita in 2009 prices (£ sterling) 1997 £18,860 2001 £21,235 2005 £23,000 2009 (estimate) £22,700 2010 (forecast) £22,775
At market exchange rates UK per capita incomes in 2009 are estimated to be less than Germany and France and at the same level of Italy. But these figures have been affected by the steep depreciation in the value of sterling against the Euro.
UK - $35,590
US - $46,405
Germany - $40,860
France - $41,830
Italy - $35,590
Japan - $40,260
When account is taken of differences in the relative cost of living in different countries - measured at purchasing power parity - UK living standards in 2009 were still higher than in Germany, France, Italy and Japan.
UK - $34,900
US - $46,405
Germany - $34,230
France - $32,815
Italy - $29,235
Japan -$32,875
UK standard of living drops below 2005 level (Guardian)
Geoff Riley
Geoff Riley FRSA has been teaching Economics for over thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.