The Importance of Economic Growth

Inflation in the UK is impacting dramatically on people's take home wages. Wages aren't rising as fast as inflation, so people's income are being squeezed all the time. In this country, real incomes have been growing for a long time and incomes per head have been growing too. And that's why economic growth is important because it enables people to have a higher standard of living. We're going to talk to Russell Jones about what has happened over the last 50 years with the UK economy.