In its last general election manifesto, the Labour Party pledged that when in government, it would: “Kickstart economic growth to secure the highest sustained growth in the G7 – with good jobs and productivity growth in every part of the country making everyone, not just a few, better off.”
That, it’s fair to say, is not going to happen. At least for a while. Instead, as the Organisation for Economic Cooperation and Development (OECD) forecasts today, for the next two years, if not longer, the UK will suffer the highest sustained price inflation in the G7 advanced major economies – namely Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. This means that the cost of living crisis, which has never really gone away, will continue. Food prices will rise once again, and sharply, according to the OECD, which will make things feel even more miserable – and make the significant local elections next year, in Scotland, Wales and London, especially challenging for Labour and Sir Keir Starmer’s leadership.
