Historical Data

10–15 Year Trends

Every major UK metric tracked from 2010 to 2024 — economy, housing, NHS, employment, inequality, immigration, crime, and public finances. All charts drawn from official ONS, OBR, NHS England, and HMRC data.

Read these together rather than in isolation. Weak productivity, flat real pay, persistent inequality and rising NHS pressure have moved together over this period, and many economists argue the first constrains the second. But these are descriptive series: they show what happened alongside what, not how much of one caused another. Where this site states a causal claim it says who is making it and on what evidence.

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Key findings at a glance

75%
House price rise since 2010
Wages rose ~30% over same period. Affordability ratio now 8:1.
NHS waiting list growth since 2012
From 2.4m to 7.33m treatment pathways (~6.23m patients, end July 2026). A&E 4hr target unmet nationally since 2013.
0.5-0.6%
Avg productivity growth 2009-2024
Down from ~2.2% pre-crisis (1997-2007, ONS). Real pay stalled over the same period.
£59.2bn
Total tax gap, 2024-25 (HMRC, June 2026)
6.4% of tax due. A theoretical estimate of tax not collected, not recoverable revenue. Corporation Tax is about 35% of it.
9.1%
Peak CPI inflation 2022
Highest in 40 years. Real regular pay fell 2.4% over the same year (ONS series A2FC, CPIH-deflated: £489.67/wk Mar–May 2021 to £478.00/wk Mar–May 2022).
122:1
FTSE 100 CEO vs median worker pay
A CEO earns median annual salary in 3 working days.

Economy

GDP growth, productivity, and inflation 2010–2024. Productivity growth has been close to zero since 2008 — the "productivity puzzle" economists have not settled.

UK GDP Growth (annual %)

Real GDP growth 2010–2025. The COVID collapse and an uneven, slow recovery define the period; growth has not exceeded 1.5% in any year since 2022.

View data table
UK GDP Growth (annual %)United Kingdom. Source: ONS, Quarterly national accounts (series IHYP). 2025 (released 30 June 2026).
YearGDP growth %
20102.3
20110.9
20121.5
20131.7
20143.2
20152.1
20162.2
20173
20181.6
20191.3
2020-10
20218.5
20225.1
20230.3
20241
20251.3

United Kingdom · Source: ONS, Quarterly national accounts (series IHYP)

Latest comparable annual series: 2025 (released 30 June 2026)

CPI Inflation (annual average %)

Consumer price inflation 2010–2025. The 2022 spike — driven by energy — was the highest in 40 years. Inflation fell back to 2.5% in 2024 before rising again to 3.4% in 2025.

View data table
CPI Inflation (annual average %)United Kingdom. Source: ONS, Consumer price inflation time series (series D7G7). 2025 (released 22 July 2026).
YearCPI inflation %
20103.3
20114.5
20122.8
20132.6
20141.5
20150
20160.7
20172.7
20182.5
20191.8
20200.9
20212.6
20229.1
20237.3
20242.5
20253.4

United Kingdom · Source: ONS, Consumer price inflation time series (series D7G7)

Latest comparable annual series: 2025 (released 22 July 2026)

UK Productivity Growth (output per hour, annual %)

Pre-crisis productivity growth averaged over 2% a year. Since 2008 it has been close to zero, and was negative in both 2023 and 2024 — the same period over which real pay stopped growing.

View data table
UK Productivity Growth (output per hour, annual %)United Kingdom. Source: ONS, Labour productivity time series (series LZVD). 2025 (annual series unchanged at the 18 August 2026 release; latest quarter 2026 Q1).
YearOutput per hour, % change
20101.9
20110.6
2012-0.4
2013-0.3
20140.4
20150.4
20161
20172
20180.6
2019-0.2
20201.5
20211.4
20220.8
2023-0.4
2024-0.8
20250.1

United Kingdom · Source: ONS, Labour productivity time series (series LZVD)

Latest comparable annual series: 2025 (annual series unchanged at the 18 August 2026 release; latest quarter 2026 Q1)

Housing

House prices, supply, and affordability 2010–2024. Net housing supply has fallen short of the government’s stated 300,000-a-year target in every year of the period.

Average UK House Price (£k)

UK average house price 2010–2025, from the UK House Price Index. Prices rose about 70% over the period while real weekly pay rose under 7%.

View data table
Average UK House Price (£k)United Kingdom. Source: HM Land Registry / ONS, UK House Price Index (December figure each year). 2025 (latest monthly: June 2026, £272,000).
YearAverage price (£k)
2010155
2011154
2012156
2013164
2014177
2015189
2016199
2017208
2018212
2019214
2020228
2021245
2022263
2023256
2024264
2025269

United Kingdom · Source: HM Land Registry / ONS, UK House Price Index (December figure each year)

Latest comparable annual series: 2025 (latest monthly: June 2026, £272,000)

Net Additional Dwellings (England, '000s)

Net additions to the housing stock by financial year — new build, conversions and change of use, less demolitions. Supply peaked at 248,600 in 2019-20 and has fallen for three consecutive years to 208,600 in 2024-25, 70% of the 300,000 target, which has never been met. New build was 190,600 of the latest year's total.

View data table
Net Additional Dwellings (England, '000s)England. Source: MHCLG, Housing supply: net additional dwellings, England (Live Table 120). 2024-25 (provisional; released 20 November 2025).
YearNet additional dwellings ('000s)
2010137
2011141
2012131
2013142
2014177
2015196
2016223
2017228
2018248
2019249
2020218
2021234
2022234
2023221
2024209

England · Source: MHCLG, Housing supply: net additional dwellings, England (Live Table 120)

Latest comparable annual series: 2024-25 (provisional; released 20 November 2025)

House Price to Earnings Ratio (England and Wales)

Median house price divided by median full-time earnings. Affordability worsened sharply to a 2021 peak of 8.95 and has since improved to 7.55 as earnings rose faster than prices. NOTE: ONS publishes this for England and Wales only — there is no UK equivalent, because the four nations use different data sources.

View data table
House Price to Earnings Ratio (England and Wales)England and Wales. Source: ONS, Housing affordability in England and Wales (Table 1c, median ratio). 2025 (released 26 March 2026).
YearPrice to earnings ratio
20106.85
20116.74
20126.76
20136.74
20146.95
20157.37
20167.59
20177.77
20187.85
20197.73
20207.82
20218.95
20228.45
20238.28
20247.74
20257.55

England and Wales · Source: ONS, Housing affordability in England and Wales (Table 1c, median ratio)

Latest comparable annual series: 2025 (released 26 March 2026)

House Prices Have Grown Far Faster Than Pay (index, 2010 = 100)

By 2025, average house prices had reached 173.5 on a 2010 = 100 index, while real weekly pay reached only 106.9 — prices have grown roughly 11× faster than pay adjusted for inflation.

View data table
House Prices Have Grown Far Faster Than Pay (index, 2010 = 100)United Kingdom. Source: HM Land Registry / ONS UK House Price Index; ONS Average Weekly Earnings real terms (series A3WX). 2025 (both series indexed to their own 2010 value = 100).
YearAverage house price (index)Real weekly pay (index)
2010100100
201199.498.6
2012100.697.4
2013105.896.2
2014114.295.7
2015121.997.8
2016128.499.2
2017134.299
2018136.899.6
2019138.1101.2
2020147.1102
2021158.1105.3
2022169.7103.6
2023165.2103.8
2024170.3105.9
2025173.5106.9

United Kingdom · Source: HM Land Registry / ONS UK House Price Index; ONS Average Weekly Earnings real terms (series A3WX)

Latest comparable annual series: 2025 (both series indexed to their own 2010 value = 100)

Employment

Employment, real wages, and economic inactivity 2010–2024. Low unemployment sits alongside real pay that has grown only marginally over the period and a rise in long-term sickness.

UK Unemployment Rate (16+, %)

Unemployment fell steadily to 2019, spiked with COVID, and has risen again since 2022 to 4.9% in 2025. NOTE: these Labour Force Survey estimates lost accredited status in November 2023 and are published as official statistics in development — read the trend, not month-to-month moves.

View data table
UK Unemployment Rate (16+, %)United Kingdom. Source: ONS, Labour market statistics (series MGSX) — official statistics in development. 2025 (released 21 July 2026).
YearUnemployment rate %
20107.9
20118.1
20127.9
20137.6
20146.2
20155.4
20164.9
20174.4
20184.1
20193.8
20204.6
20214.6
20223.8
20234.1
20244.3
20254.9

United Kingdom · Source: ONS, Labour market statistics (series MGSX) — official statistics in development

Latest comparable annual series: 2025 (released 21 July 2026)

Real Weekly Pay (£, constant 2015 prices)

Average weekly total pay adjusted for inflation. Real pay in 2025 (£528) is 6.9% above 2010 (£494) and passed its 2007 peak only in 2021 — fifteen years of almost no growth in what a week of work buys.

View data table
Real Weekly Pay (£, constant 2015 prices)Great Britain. Source: ONS, Average Weekly Earnings real terms level (series A3WX, CPIH-deflated, constant 2015 prices). 2025 annual average (series retrieved 2026-08-17).
YearReal weekly pay (£)
2010494
2011487
2012481
2013475
2014473
2015483
2016490
2017489
2018492
2019500
2020504
2021520
2022512
2023513
2024523
2025528

Great Britain · Source: ONS, Average Weekly Earnings real terms level (series A3WX, CPIH-deflated, constant 2015 prices)

Latest comparable annual series: 2025 annual average (series retrieved 2026-08-17)

Economic Inactivity Rate (16–64, %)

People neither working nor looking for work. The rate rose after COVID on long-term sickness and fell back to 21.0% in 2025. Same Labour Force Survey caveat: official statistics in development since November 2023.

View data table
Economic Inactivity Rate (16–64, %)United Kingdom. Source: ONS, Labour market statistics (series LF2S) — official statistics in development. 2025 (released 21 July 2026).
YearInactivity rate %
201023.5
201123.3
201222.8
201322.4
201422.2
201522.1
201621.8
201721.5
201821.2
201920.8
202021.2
202121.5
202221.9
202321.7
202421.8
202521

United Kingdom · Source: ONS, Labour market statistics (series LF2S) — official statistics in development

Latest comparable annual series: 2025 (released 21 July 2026)

NHS

NHS waiting list and A&E performance 2010–2024. The waiting list has roughly tripled since 2012; the A&E 4-hour standard has not been met since 2013, though performance briefly improved in 2020/21 as attendances fell during the pandemic.

NHS Elective Waiting List — England (millions of PATHWAYS)

Incomplete referral-to-treatment pathways at each December. These are TREATMENT PATHWAYS, not people: one patient waiting for two treatments counts twice. The list tripled from 2.5m in 2010 to a 7.6m peak in 2023 and has edged down since, to 7.29m at December 2025 — about 6.16m unique patients.

View data table
NHS Elective Waiting List — England (millions of PATHWAYS)England. Source: NHS England, RTT Overview Timeseries (including estimates for missing trusts). December 2025 (latest month: July 2026, 7.33m pathways / 6.23m patients).
YearWaiting list (m pathways)
20102.46
20112.42
20122.63
20132.94
20143.17
20153.53
20163.83
20174
20184.28
20194.57
20204.59
20216.07
20227.2
20237.61
20247.46
20257.29

England · Source: NHS England, RTT Overview Timeseries (including estimates for missing trusts)

Latest comparable annual series: December 2025 (latest month: July 2026, 7.33m pathways / 6.23m patients)

A&E 4-Hour Performance — England (all A&E types, %)

Share of A&E attendances seen within four hours, by financial year, against a 95% standard last met in 2013-14. Performance bottomed at 70.8% in 2022-23 and has recovered slightly to 74.9% in 2025-26. Type 1 (major consultant-led units) is far worse: 60.9% in 2025-26.

View data table
A&E 4-Hour Performance — England (all A&E types, %)England. Source: NHS England, A&E Attendances and Emergency Admissions (monthly time series). 2025-26 (latest month: June 2026, 75.0% all types / 61.2% Type 1).
Year% seen within 4 hours (all types)
201097.4
201196.6
201295.9
201395.7
201493.6
201591.9
201689.1
201788.3
201888
201984.2
202086.8
202176.7
202270.8
202372.1
202473.9
202574.9

England · Source: NHS England, A&E Attendances and Emergency Admissions (monthly time series)

Latest comparable annual series: 2025-26 (latest month: June 2026, 75.0% all types / 61.2% Type 1)

Public Finances

National debt, deficit, and interest costs 2010–2024. Debt interest now exceeds the defence budget.

UK National Debt (% of GDP, end of financial year)

Public sector net debt excluding public sector banks, at the end of each financial year. Debt rose from 70.6% in 2010-11 to 95.4% after COVID and has been broadly flat since, at 93.7% at end-March 2026.

Provisional from 2025 — Latest year provisional.

View data table
UK National Debt (% of GDP, end of financial year)United Kingdom. Source: ONS, Public sector finances (series HF6X); OBR Public Finances Databank. 2025-26 (provisional; data as at 21 July 2026).
YearDebt % of GDP
201070.6
201173.9
201277.2
201378.8
201481.1
201580.6
201682.7
201781.6
201879.6
201984.5
202095.4
202194.3
202293.2
202394.2
202493.4
202593.7

United Kingdom · Source: ONS, Public sector finances (series HF6X); OBR Public Finances Databank

Latest comparable annual series: 2025-26 (provisional; data as at 21 July 2026)

UK Debt Interest Payments (£bn/yr, net of APF)

Central government debt interest net of Asset Purchase Facility flows. Costs more than doubled after 2021-22 as rates and index-linked gilt payments rose, reaching £109.3bn in 2025-26 — more than the defence budget.

Provisional from 2025 — Latest year provisional.

View data table
UK Debt Interest Payments (£bn/yr, net of APF)United Kingdom. Source: OBR Public Finances Databank (central government debt interest, net of APF). 2025-26 (provisional; databank updated 22 July 2026).
YearDebt interest (£bn)
201041
201143.5
201238.6
201337.8
201434.2
201534.5
201636.8
201742.9
201839.1
201939.2
202025.2
202155.4
2022112.1
2023107.6
2024106.2
2025109.3

United Kingdom · Source: OBR Public Finances Databank (central government debt interest, net of APF)

Latest comparable annual series: 2025-26 (provisional; databank updated 22 July 2026)

UK Budget Deficit (% of GDP, financial year)

Public sector net borrowing excluding public sector banks. Austerity cut the deficit from 8.7% in 2010-11 to 2.0% by 2018-19; COVID took it to 14.7%; it has since settled around 4–5%, at 4.2% in 2025-26.

Provisional from 2025 — Latest year provisional.

View data table
UK Budget Deficit (% of GDP, financial year)United Kingdom. Source: ONS, Public sector finances (series J5II); OBR Public Finances Databank. 2025-26 (provisional; data as at 21 July 2026).
YearDeficit % of GDP
20108.7
20117.3
20127.1
20135.7
20145.2
20154.2
20162.8
20172.8
20182
20192.6
202014.7
20215
20224.8
20234.9
20245.2
20254.2

United Kingdom · Source: ONS, Public sector finances (series J5II); OBR Public Finances Databank

Latest comparable annual series: 2025-26 (provisional; data as at 21 July 2026)

Inequality

Gini coefficient, wealth share by group, and child poverty. The income Gini has moved little, but it masks a far wider wealth gap: the top 1% hold as much wealth as the entire bottom 50% combined. Child poverty after housing costs has risen.

UK Income Gini Coefficient (%)

Inequality of equivalised household disposable income, before housing costs. 0 = perfect equality, 100 = perfect inequality. Broadly flat since 2010 and at its lowest recent level (32.9) in FYE 2024 — which masks wealth inequality, a far wider and separately measured gap.

View data table
UK Income Gini Coefficient (%)United Kingdom. Source: ONS, Household disposable income and inequality (Table 10). FYE 2024 (released 2 May 2025; FYE 2025 not yet published).
YearGini coefficient (%)
201134.1
201233.8
201334.4
201435.3
201534.7
201635.1
201733.4
201835
201936
202035.4
202134.4
202235.5
202333.1
202432.9

United Kingdom · Source: ONS, Household disposable income and inequality (Table 10)

Latest comparable annual series: FYE 2024 (released 2 May 2025; FYE 2025 not yet published)

Share of total household wealth, by group

The top 1% hold as much wealth as the entire bottom 50% combined. The top-decile (40.7%) and middle-40% figures are DERIVED from published ONS aggregates, not ONS-stated figures themselves — shown as derived throughout.

View data table
Share of total household wealth, by groupGreat Britain. Source: ONS, Household total wealth in Great Britain (Round 8). April 2020 to March 2022 (Round 8) — the Wealth and Assets Survey’s accredited-statistics status was suspended by OSR on 13 June 2025 and has not been restored; this is the most recent data available..
PeriodShare of total wealth (%)
Top 1%10
Next 9% (rest of top decile)30.7
Middle 40%49.3
Bottom 50%10

Great Britain · Source: ONS, Household total wealth in Great Britain (Round 8)

Latest comparable annual series: April 2020 to March 2022 (Round 8) — the Wealth and Assets Survey’s accredited-statistics status was suspended by OSR on 13 June 2025 and has not been restored; this is the most recent data available.

UK Child Poverty Rate (% below 60% median, after housing costs)

BREAK IN SERIES at 2021/22: from that year DWP integrates benefit administrative records into the survey, correcting under-reported income. That change alone moved FYE 2024 from 31% to 27.7% — so figures either side of the break are NOT comparable, and the apparent fall after 2020 is largely methodological. Latest: 27.4%, about 4.0 million children.

Methodology break at 2021: DWP integrated benefit records into the survey — not comparable either side

View data table
UK Child Poverty Rate (% below 60% median, after housing costs)United Kingdom. Source: DWP, Households Below Average Income (Table 1.4a). FYE 2025 (released 26 March 2026).
YearChild poverty % (AHC)
201127.2
201227
201327.2
201427.5
201528.5
201629.4
201730
201829.3
201929.4
202030.7
202127.1
202227.3
202328.8
202427.7
202527.4

United Kingdom · Source: DWP, Households Below Average Income (Table 1.4a)

Latest comparable annual series: FYE 2025 (released 26 March 2026)

Immigration

Net migration, who arrives and why, and detected illegal-route arrivals, 2012–2025. Net migration has more than halved twice since the 2022 peak. Note the last chart counts detected arrival events, not people living here illegally — see the immigration page for what that does and does not measure.

UK Net Migration ('000s per year)

Net migration was broadly stable 2012–2019, spiked after the post-COVID reopening (students, health workers, Ukraine and Hong Kong routes), and has since halved twice over — 171,000 in the year to December 2025.

View data table
UK Net Migration ('000s per year)United Kingdom. Source: ONS, Long-term international migration, provisional (YE Dec 2025 edition, Table 1). YE Dec 2025 (provisional).
YearNet migration ('000s)
2012195
2013244
2014284
2015303
2016249
2017208
2018276
2019184
202093
2021467
2022891
2023848
2024331
2025171

United Kingdom · Source: ONS, Long-term international migration, provisional (YE Dec 2025 edition, Table 1)

Latest comparable annual series: YE Dec 2025 (provisional)

Who is arriving: immigration by nationality ('000s)

Long-term immigration split into British nationals returning, EU+ nationals and non-EU+ nationals. The post-2021 surge is almost entirely non-EU+; EU+ arrivals have fallen every year since 2016.

View data table
Who is arriving: immigration by nationality ('000s)United Kingdom. Source: ONS, Long-term international migration, provisional (YE Dec 2025 edition, Table 1). YE Dec 2025 (provisional).
YearBritish returningEU+ nationalsNon-EU+ nationals
201279334230
201376402234
201481457241
201578481238
201670465237
201784411257
201874421330
201971349368
202052316294
2021164173610
20221661411091
20231501031188
202414091780
202511076627

United Kingdom · Source: ONS, Long-term international migration, provisional (YE Dec 2025 edition, Table 1)

Latest comparable annual series: YE Dec 2025 (provisional)

Why non-EU+ nationals arrive ('000s)

Study and work drive the totals and both have fallen sharply since 2023. Asylum — the category that includes people arriving irregularly — is the smallest of the main routes and the most stable.

View data table
Why non-EU+ nationals arrive ('000s)United Kingdom. Source: ONS, Long-term international migration, provisional (YE Dec 2025 edition, Table 4b). YE Dec 2025 (provisional).
YearWorkStudyFamilyHumanitarian schemesAsylumOther
2019991207864223
2020711125613520
202114525968575526
2022291430671908527
202347146189757516
202427227484498714
202514629447358818

United Kingdom · Source: ONS, Long-term international migration, provisional (YE Dec 2025 edition, Table 4b)

Latest comparable annual series: YE Dec 2025 (provisional)

Detected arrivals via illegal entry routes (people)

Detected arrival events, not a count of illegal immigration — it excludes undetected entry and visa overstayers. Small boats are now nearly nine in ten detections; clandestine entry at ports has all but disappeared.

View data table
Detected arrivals via illegal entry routes (people)United Kingdom. Source: Home Office, Illegal entry routes to the UK detailed dataset (YE March 2026), table IER_D01. 2018–2025 calendar years.
YearSmall boatsUndocumented air arrivalsDetected in the UKDetected at ports
2018299476972571052
2019184352378492959
2020846623285428808
20212852625615036662
20224577451303379291
20232943738542836236
20243681633492900225
20254147230271817181

United Kingdom · Source: Home Office, Illegal entry routes to the UK detailed dataset (YE March 2026), table IER_D01

Latest comparable annual series: 2018–2025 calendar years

Crime

Total crime and knife offences 2010–2024. Overall recorded crime is down over the period; knife offences rose to 2019 and have fallen since 2023.

Crime Survey Incidents — England and Wales (millions)

CSEW headline crime EXCLUDING fraud and computer misuse — the only basis that runs continuously from 2010. Crime more than halved, from 9.5m in the year to March 2010 to 4.33m in the year to March 2026. NOTE THE GAP: face-to-face interviewing was suspended for COVID, so ONS published no figures for the years ending March 2021 and 2022.

View data table
Crime Survey Incidents — England and Wales (millions)England and Wales. Source: ONS, Crime in England and Wales: Appendix Table A1a. Year ending March 2026 (released 23 July 2026).
YearCSEW incidents (m, excl. fraud)
20109.54
20119.71
20129.59
20138.76
20147.55
20157.18
20166.53
20176.06
20186.25
20196.43
20205.66
2021
2022
20234.39
20244.59
20254.6
20264.33

England and Wales · Source: ONS, Crime in England and Wales: Appendix Table A1a

Latest comparable annual series: Year ending March 2026 (released 23 July 2026)

Knife and Sharp Instrument Offences — England and Wales ('000s)

Police-recorded offences involving a knife or sharp instrument, including homicide, years ending March. Offences rose steeply from 2014 to a 2020 peak, and fell 8% in the year to March 2026 to 48,774. TWO BREAKS IN SERIES: recording changed in April 2019 (NDQIS) and the Metropolitan Police corrected its recording in April 2024 without revising earlier years — comparisons across either break are not like-for-like.

View data table
Knife and Sharp Instrument Offences — England and Wales ('000s)England and Wales. Source: ONS, Crime in England and Wales: Appendix Table B6a (including Greater Manchester). Year ending March 2026 (released 23 July 2026).
YearKnife offences ('000s)
201136.1
201233.7
201328.9
201428.3
201529.2
201632.7
201739.5
201847.5
201952.5
202055.2
202144.7
202249.2
202351.7
202454
202553.1
202648.8

England and Wales · Source: ONS, Crime in England and Wales: Appendix Table B6a (including Greater Manchester)

Latest comparable annual series: Year ending March 2026 (released 23 July 2026)

Follow the Money

Comparing immigration costs to corporate tax gap, water dividends, and energy windfall — using verified official data.

Annual Costs: What's in the News vs What the Numbers Say (£bn)

Proportional comparison of annual figures. Every bar is a verified official number. The asylum hotel bill is real — but tiny relative to the other costs rarely mentioned in the same breath.

View data table
Annual Costs: What's in the News vs What the Numbers Say (£bn)United Kingdom. Source: HMRC Tax Gap 2024; Home Office Annual Report 2024; OBR; FT/Greenwich Uni (water, annualised). 2023–24.
Period£bn
Total tax gap46.8
Corp. tax gap18.6
Energy bailout (2022-23)23
Water dividends (avg/yr)2.4
Asylum (total)4.7
Asylum (hotels only)3
Migrant fiscal contribution20

United Kingdom · Source: HMRC Tax Gap 2024; Home Office Annual Report 2024; OBR; FT/Greenwich Uni (water, annualised)

Latest comparable annual series: 2023–24

Water Industry: Dividends Paid vs Debt Accumulated (cumulative £bn)

Since privatisation in 1989, water companies paid £78bn in dividends (inflation-adjusted) while accumulating £60bn+ in debt. The debt was zero at privatisation.

View data table
Water Industry: Dividends Paid vs Debt Accumulated (cumulative £bn)England and Wales. Source: FT analysis; University of Greenwich; Ofwat annual reports. 2023.
YearDividends paid (£bn)Debt accumulated (£bn)
199585
20001812
20053022
20104435
20155845
20207055
20237862

England and Wales · Source: FT analysis; University of Greenwich; Ofwat annual reports

Latest comparable annual series: 2023

What does this tell us? The 10-year picture

We are worse off in real terms

Real weekly pay passed its 2008 peak only in 2021 and is 4.6% above it now — fifteen years of almost no growth. Housing has become far less affordable relative to earnings over the same period. Weak productivity growth is the explanation most economists reach for first, though how much of the pay slowdown it accounts for is contested.

Public services are at breaking point

NHS waiting lists are 3× 2012 levels and A&E targets have been missed for a decade. Over the same period funding grew more slowly than inflation while demand rose. These series show the two moving together; how much of the deterioration each factor accounts for is contested, and descriptive data of this kind cannot settle it.

The debt trajectory is unsustainable

Debt interest now costs £90bn+/yr — money that is not available for schools, hospitals or infrastructure. On the OBR’s current projections the debt ratio continues to rise without faster growth or higher taxes. Those are projections under stated assumptions rather than a forecast of what must happen, and they are revised at every fiscal event.

Housing targets have been missed for 40 years

The UK has missed its housing target every year for 40 years. Analysts most often point to the planning system, local opposition to development and developer land-banking; their relative weight is disputed. These series measure the shortfall, not what caused it.

The wealth gap widened while the income gap did not

Child poverty is at a 30-year high. The income Gini has been broadly flat while the wealth Gini widened — the property and asset gap grew far faster than the earnings gap. Analysts who study wealth concentration argue it compounds where returns on assets outpace wage growth, and point to inheritance, land and capital taxation as the levers; both the mechanism and the remedy are contested. These series show the two gaps moving apart, not why.

The money exists — it just goes somewhere else

£59.2bn/yr theoretical tax gap (2024-25, HMRC June 2026 — a estimate of tax not collected, only a fraction of which is recoverable). £78bn in water dividends over 32 years (nominal). £58bn in energy company profits the year the OBR costed government energy support schemes at £51.1bn. Each of these is measured on a different basis and over a different period, so they are not directly comparable — read each with its own label.