Positive Money response to GDP figures: Gov must steer clear of putting private wealth ahead of public health

Responding to figures published today by the ONS which show GDP fell by 20.4% in April, and 10.4% in the three months to April, Fran Boait, executive director of Positive Money, said:

“April’s growth figures come as no surprise but they will no doubt fuel debate over whether emergency public health measures designed to save lives should be lifted in order to get the economy growing again. 

“There is currently debate over whether further preventative measures should be eased, such as the 2m rule, but any changes should be considered based on the effect they will have on health and wellbeing, not GDP.

“As this crisis has shown, GDP is a poor measure of the things that really matter and we should not let policy be guided by it. The government must steer clear of putting private wealth ahead of public health.”

Notes

1. YouGov polling commissioned by Positive Money in May found that more than 8 in 10 Britons think the UK should prioritise the health and wellbeing of citizens over economic growth during the coronavirus crisis, and 6 in 10 think the UK should prioritise improved social and environmental outcomes over GDP when pandemic is over: https://positivemoney.org/2020/05/new-polling-only-12-want-uk-to-prioritise-economic-growth-over-wellbeing/

2. Positive Money published a report in May which called for the ONS to stop publishing GDP figures and for policymakers to instead place more emphasis on a wider dashboard of wellbeing indicators, in order to save lives and the environment. More information about the report can be found here:  https://positivemoney.org/2020/05/stop-publishing-growth-stats-to-save-people-and-planet-report/

3. Positive Money campaigns for a money and banking system which supports a fair, democratic and sustainable economy. Set up in the aftermath of the financial crisis, Positive Money is a not-for-profit company funded by charitable trusts and foundations, as well as small donations from its network of over 65,000 supporters. www.positivemoney.org

4. For any questions or for interviews with a spokesperson please contact simon.youel@positivemoney.org.uk or 07817765517