A leading left-wing ‘civil society’ organisation has reported on the UK’s “unprecedented” productivity decline, showing a 0.5% slump between 2019 and 2024. Awkward!
The COVID-19 pandemic doesn’t work as an alibi, as the United States had the only G7 economy to grow significantly in the same period. As the authors argue, “continued boom in American oil and gas extraction has played an outsized role in the aggregate picture.”
For the Resolution Foundation—”an independent think-tank focused on improving the living standards of those on low-to-middle incomes”—deliberate ‘Green’ neglect of British fossil fuels more than helps to explain UK economic stagnation (and the contrast with U.S. growth in the same period), despite five years of government equivocation on the issue.
