UK Economy A Visual Analysis of Key Election Concerns

07 Jun, 2024

UK Economy A Visual Analysis of Key Election Concerns

The health of the world’s sixth-largest economy is poised to be a decisive factor in determining the forthcoming outcome. Since 2010, the Conservative Party, under Prime Minister Rishi Sunak, has navigated through significant challenges, including the pandemic and geopolitical unrest such as the conflict in Ukraine. However, the UK has also grappled with internal issues, including austerity measures post-2008 financial crisis and the Brexit decision in 2016, which erected trade barriers. These factors have stymied economic growth, leading to stagnant living standards and constrained public services.

In a recent televised debate, Sunak and opposition leader Keir Starmer sparred over economic policies, taxes, immigration, and healthcare, reflecting the priorities of the electorate. With polls indicating a potential shift in power away from the Conservatives, voters are evaluating their economic well-being since 2010. Key metrics including wages, living standards, currency value, housing prices, and NHS wait times are under scrutiny.

Incomes have stagnated despite sporadic wage growth, as inflation erodes purchasing power. Productivity woes have exacerbated the situation, resulting in sluggish income growth and diminished living standards compared to other advanced economies. The devaluation of the pound, exacerbated by Brexit uncertainties, has fueled inflationary pressures. Meanwhile, soaring housing prices have hindered home ownership, and NHS waiting lists have ballooned, exacerbating healthcare challenges. These economic indicators will likely shape voter sentiments and electoral outcomes.