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TOPIC: Workers hit by longest pay squeeze in more than 200 YEARS

Workers hit by longest pay squeeze in more than 200 YEARS 17 Dec 2018 09:50 #12157

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Workers hit by longest pay squeeze in more than 200 YEARS
Real terms wages in the some parts of the UK are still well behind pre-crisis levels, analysis shows.

Welfare Weekly Posted by Welfare Weekly December 17, 2018

Working people in some parts of the UK have been hit by the longest squeeze to the wage packets in more than two centuries, with some earning up to £100 a week less in real-terms compared to 2008, shocking new analysis reveals.

These are the findings of new research by the Trade Union Congress (TUC), who say average take home pay is still well behind pre-crisis levels.

The analysis shows which local authority areas have suffered the biggest hit to real wages (wages once the cost of living has been taken into account) since the financial crash, warning average pay packets in some parts of the UK are unlikely to recover to their 2008 level until at least 2024.

TUC claim real wages are still lower than a decade ago in 34 of the region’s 43 local authority areas. And only four areas have seen the value of wages increase by 5% or more since 2008.

According to the analysis, the North West has been hardest hit by the wage slump, where the average has lost out on £14,230 in real earnings since 2008.

For example: Workers in Fylde are still earning 23% less in real terms than a decade ago – the equivalent of £153 a week.

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