decade of austerity
public services destroyed
huge increase in wealth inequality
huge dive in living standards for the majority of the population
since 1955 Conservative governments would achieve average annualised growth of 2.65% and preside over 14 recession quarters.
Labour governments are more consistent in their performance and manage to tackle recessions better.
We examine the growth of the UK economy under the administration of the Conservatives andLabour, the two political parties which have alternated in power since 1955. Our main findingis that the UK economy has grown with a similar pace under either government, howeverLabour administrations seem to do better in tackling recessions and show a more consistentperformance. Labour’s advantage becomes more pronounced if we discount the effect of the2008 Financial Crisis.