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TOPIC: UK workers’ wages slashed by as much as a third in last decade

UK workers’ wages slashed by as much as a third in last decade 23 Dec 2018 09:32 #12321

  • Paul-UB40
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By Barry Mason
20 December 2018

The onslaught against workers’ wages since the 2008 financial crisis has resulted in pay falling by as much as a third in parts of Britain.

A report by the Trades Union Congress (TUC), based on figures from the Office for National Statistics, notes, “UK workers are suffering the longest real wage squeeze in more than 200 years, with average pay packets not set to recover to their 2008 level until 2024.”

Such is the collapse in wages that “The UK is only of two advanced economies (along with Italy) where real wages are still lower than a decade ago.”

Workers in London suffered the greatest loss in real wages over the decade—at £20,390—while the average real wage loss figure for the whole of the UK was £11,840.

Areas suffering the highest losses, with a loss of around a third in the value of real earnings, were the London borough of Redbridge and Epsom and Ewell in Surrey. In other areas, workers have lost a quarter in the value of real wages, including in the London borough of Barnet, Selby in North Yorkshire, Waverley in Surrey and Anglesey in north Wales. This figure matches the drop in Greece

In the deindustrialised heartlands of the north west and Yorkshire and the Humber, wages fell cumulatively by £14,230 and £12,680. Commenting on the situation in the north west, the TUC notes, “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.”

The TUC study follows an International Labour Organisation (ILO) report released November. It found that real wage growth of workers in the UK was among the weakest in the advanced economies of the G20 nations. According to the ILO, a recovery in real wage growth following the 2008 crash began in 2014 but hit a brick wall in 2016.

Read Full Report Here;
www.wsws.org/en/articles/2018/12/20/wage-d20.html

Also see my Post Here;
welfarecentral.org/index.php/forum-home/culture-shock/2333-workers-hit-by-longest-pay-squeeze-in-more-than-200-years
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UK workers’ wages slashed by as much as a third in last decade 23 Dec 2018 12:25 #12326

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Yes Paul-UB40 but we can still claim good old Universal Credit :whistle: :evil:

And then get a job paying next to zero and pay no tax.

The tory gov have it all worked out nicely.Not! :whistle: :evil:
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