Workers have been robbed of £50 billion in lost wages since 2008, causing huge economic damage, says a new report from the PCS public service union.

The Green Party has criticised the government’s mid-term review for failing to acknowledge the coalition’s mistakes or to offer a coherent vision for the future.

The current global economic and financial settlement has been described as the “mess we are in” by Sir Richard Jolly at a global conference on new economics.

The government is failing in its pledge to rebalance the economy, relying too much on financial services, says the latest TUC economy report.