Average UK person has lost out on £10,200 since 2010, thinktank says

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Warning that every part of the UK had been 'levelled down' after years of weak economic growth.

Article originally published by The Guardian. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

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22 Jan 2024

People in Aberdeen are a total of £45,000 worse off since 2010 after suffering the worst growth performance in the UK over the last decade, according to a report exposing the dangers of dependency on the fossil fuel industry amid the climate crisis.

Warning that every part of the UK had been “levelled down” after years of weak economic growth, the Centre for Cities said the Scottish oil and gas capital had lost out the most of the 63 UK towns and cities it had analysed.

Aberdeen was one of the most prosperous places in Britain after an energy industry boom in the 2000s, with about a third of jobs in its export base – the part of the economy that trades with the rest of the UK and the world – directly related to oil and gas.

However, the granite city has suffered over the past decade from an energy sector slump amid the US shale oil revolution, highlighting the risks of being dependent on an industry exposed to increasingly volatile global shifts.

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