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An early cut of the economic history of the 2010s is this week's Top of the Charts - free music of the 2010s quiz included at no extra charge resolutionfoundation.org/comment/the-ec…
1. The 2010s defining feature is its earnings catastrophe – the first time in a century that we end a decade with wages no higher than they were at the start of it. This living standards squeeze + the high inequality left to us by the 1980s is the root of our discontent
2. The 2010s was a decade without boom or bust. GDP/capita growth was the slowest of any post-war decade, and even that relied upon more us working. Productivity was up just 0.3% a year. But this was only post-war decade without a recession.
3. Stagnation + stasis was the feel of the decade - one result of which is that the @bankofengland's MPC met 107 times but only on 3 occasions actually did anything to interest rates. Feel sorry for the economics hacks covering those meetings. Or all of us hit by weak growth
4. Big economic shifts that did happen were generally stagnation driven. 2010s employment growth was staggering in historical context, up 6% and narrowing employment inequality between people/places but it's cause is the earnings squeeze leading families to choose to work more
5. Austerity of the 2010s saw the British state shrink by 7% after GDP falls at the end of the 2000s pushed it up. The shrinking of the state has felt so tough and gone on so long because of the lack of growth. And it's still with us - only 1/3 of cuts have been reversed so far
The history books are going to have a lot to say about the 2010s - but at one level it will be really simply: the UK was hit by the largest financial crisis in its history. Then it left the EU. The question now is what we build as a country for the 2020s resolutionfoundation.org/comment/the-ec…
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