Whether it’s a ‘productivity puzzle’ or the ‘British disease’, the UK economy has been underperforming for decades

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History does not repeat itself, but it rhymes – and economic history is no exception. In 1964, a Labour government came to power in the UK with a pledge to curb inflation and to deliver growth. The growth plans were short lived. In 2024, in a cost-of-living crisis, Labour again won an election with a promise to “kick-start economic growth”. Only 18 months in, and plans have stalled again.

Weak economic growth has led to questions about whether the UK is once again the “sick man of Europe”.