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Big ideas of 2014: Economic growth leaves wages behind

It's not the size of the economy that counts, it's what you do with it

By Jay Elwes   January 2014
Wages are becoming detached from economic growth

“This could turn out to be the defining issue of the 2015 general election”: Many British people aren’t feeling the effects of recovery © Dominic Lipinski/PA Wire/Press Association Images

In November, the OECD upgraded Britain’s growth forecast for 2014 to a robust 2.4 per cent. However, many people are not seeing that reflected in their pay packets (see Oliver Kamm, p44). In Britain, Labour has been quick to suggest that growth and wages, which have long kept pace with each other,…

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