UK’s growth under Labour government
According to study by the National Institute of Economic and Social Research (NIESR), despite the fact that output has grown at slow rate as compared to the growth under period of Conservative rule, but the position of UK among top nations under Labour for economic growth has improved.
The growth rate of output in UK under labour government is 2% as compared to 2.2% growth during 1979 to 1997 under Conservative government but when these figures are adjusted for changing population, Britain position among the world's top seven developed nations under Labour has jumped from third place under Tories to second place in the international league table for national income per head.
Under labour government there has been a decline in inflation and long-term interest rates. Economic growth per person has increased from 2 per cent a year under Margaret-Major to 2.4 per cent under Blair-Brown in the UK.
The UK ranks first in productivity growth among G7 nations. But for the actual levels of productivity, British region ranks fourth after France, Germany, and the US.
In 1997 Britain was at second last position before Japan.
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