Average wages have fallen by £50 a week in real terms since 2008, according to new analysis published by the TUC today (Thursday).
The analysis shows that even using the government’s preferred inflation measure (the consumer prices index), which excludes housing costs, workers are on average £2,500 a year worse off in terms of their spending power than they were before the crash.
Last month Bank of England Governor Mark Carney said that average weekly earnings have fallen by around 10 per cent in real terms since the financial crisis.
The TUC analysis shows the cost of this fall for working people and how pay has failed to pick up during the recent economic recovery.
This is the seventh year that average weekly earnings have been falling – the longest period since records began in the 1850s, says the TUC.
Read the rest here.
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