Five UK economic success stories since 2010
I was elected as part of a new Conservative Government in 2010 and since then the UK has seen economic successes in a wide range of fields. I am proud to have been part of the successive Government’s which have delivered these successes since 2010, and here are five which I believe are worth highlighting.
- We have invested in our young people, so they have the skills for the future.
With increased funding and more effective education policies, we have seen 89% of schools become rated as good or outstanding, an increase of 21% since 2010. As a result, we are now the highest rated western country in the PISA rankings for primary school literacy.
Since 2010, we have also doubled investment in apprenticeships to £2.5 billion so young people have the option to earn while they learn. All of this ensures that the UK workforce has the practical skills which are at the core of our productive economy.
- National Living Wage has grown consistently since 2010.
For people who receive the National Living Wage (NLW) have seen their net annual earnings grow since 2010 in both cash and real terms. This wage growth equates to an almost 25% increase in real terms pay since the beginning of this Conservative Government.
As a result of the NLW increase, the number of jobs which have a ‘low pay’ salary, defined as paying less than two thirds of median income, have halved. We are ensuring that it always pays to work here in the UK, and that as many jobs as possible pay a real living wage.
- The UK had the fastest growth of the European G7 members, also outperforming Japan.
Since 2010, UK Real GDP has seen 24% growth. Growing wages has allowed more consumer spending in the economy creating growth. The Conservative Government has also committed to £600 billion in infrastructure investment over the next five years, maintaining base level economic activity into the future.
As a result of this spending, and other wider economic factors, the IMF has projected the UK to be the fastest growing European G7 economy from 2025-28. The UK continues to be an economic powerhouse in Europe.
- We excel in a wide range of cutting edge sectors
The UK has the largest European tech sector valued at a staggering $600 billion in total, with 150 tech unicorns, companies worth over $1 billion, founded in the UK since 2010. We also have the largest life sciences sector, responsible for the development of Covid vaccines which have saved millions of lives and continue to do so to this day internationally.
Perhaps most importantly we excel in the energy sector. As a country we have built the five largest offshore wind farms in the world, the UK JET laboratory broke records last month in the development of nuclear fusion, and UK firms are developing revolutionary manufacturing methods to produce small modular nuclear reactors. These are just a few of the successes which make the UK world leader in energy technology innovation.
- We have built 2.5 million homes across the UK since 2010
This Conservative Government, like those that have come before it, understand the importance of enabling people to own their home. Between building new homes and other supporting policy, like first time buyers mortgages and saving accounts, we have supported prospective home owners.
Over the past 30 years, the four years which have seen the highest level of house building have been since 2018. I hope that we can continue our work to expand the available housing stock with high quality houses for families across the UK.