Chesterfield MP Toby Perkins highlighted the Tory mismanagement of the economy as figures reveal Chesterfield workers have had a 5% pay cut in real terms since 2010.

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 Chesterfield have fallen by almost 5% since 2010, resulting workers losing an average of £1,557 a year.

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.

Toby said “We’ve seen the biggest squeeze on wages and living standards for several generations under successive Tory-led governments. It’s clear that Ministers have no clue how to fix our economy and get Britain back on track.   

Locally, residents are telling me that they’re struggling to pay their energy bills and keep up with rising food prices.

Given that this tired, failed, government has run out of steam, they should call for a General Election. People deserve to have the choice of a Labour government, which will grow our economy, invest in renewable energy and set up an Office for Value for Money, to ensure billions aren’t thrown away”.   

Labour’s Shadow Chancellor Rachel Reeves added: “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.”