New analysis reveals the Tories’ wholescale failure to grow the economy and to level up Britain, with figures showing that in every region in Great Britain real wages are lower now than when the Tories came to power in 2010.

Across the country as a whole, real wages are down by an average of 5%, leaving people £1,600 a year worse off than they were in 2010. Wages in Hornsey & Wood Green have fallen by a staggering £4,072, resulting in a 9.2% cut.

A crucial component of getting wages up and improving living standards is growing the economy, something that has stalled under the Tories.

If the economy had continued to grow at the same rate as it had been with the last Labour government, then there would be £30 billion more to spend on public services without having to raise a single tax.

Labour’s Shadow Chancellor Rachel Reeves said:

“These figures don’t just underline a lack of growth under the Tories.

“They show the complete failure over 12 years to build an economy that actually works in the interests of working people.

“Married with the billions upon billions of taxpayer money that has been wasted on undelivered projects, crony contracts, unsafe PPE and Tory vanity projects, it shows just what irresponsible stewards of the economy the Conservatives are.

“Labour will stabilise our economy, and we will get it growing with our Green Prosperity Plan and our active partnership with British businesses.”

Catherine West MP responding on the impact of falling wages in Hornsey & Wood Green constituency, said:

“These figures are the reason why so many working people in Hornsey & Wood Green have been left struggling to pay their bills.  The cost of living is soaring, with rents, mortgages, energy bills, food prices and childcare costs all hitting working families hard, yet wages aren’t keeping pace.  This failure is down to 12 years of the Tories.  People in Hornsey & Wood Green desperately need a Labour Government on their side, getting the economy growing and standing up for working people”