Mark Hillsdon reports on a new index from the Good Economy Partnership that assesses UK’s biggest companies on their creation of ‘good jobs’
An inclusive economy where the benefits of economic growth are evenly spread across the country is the goal of many of the world’s most developed nations.
It’s one to which the UK aspires, too. But rather than taking a path to “inclusive growth”, social advisory firm The Good Economy Partnership suggests that Britain is actually experiencing “immiserating growth”, a concept associated with falling living standards, when the benefits of economic growth have not been equally shared.
We need to be able to measure the most important dimension of inclusion: a good-quality job for everyone who wants one
According to the Organisation for Economic Co-operation and Development (OECD) real wages in the UK are falling faster than anywhere else in the developed world, while the World Economic Forum’s Inclusive Growth Index, now ranks the UK 21st among advanced economies.
“If we seriously want to build an ‘inclusive economy’ – one that works for everyone – we need to be able to measure the most important dimension of inclusion: a good-quality job for everyone that wants one,” says Mark Hepworth, director of research and policy at The Good Economy.
Not only is capitalism in the UK producing low unemployment, but “the quality of the...