Wages worth a third less than in 2008 in some areas

A TUC report highlights that, despite recent wage rises, parts of the UK are still paid less than they were 10 years ago when inflation is taken into account.

Wages are worth a third less in some parts of the UK than 10 years ago, according to a report from the TUC.

The report comes after ONS figures this week showed wages increasing by 3.3% on average between July and September and record numbers in jobs, which is in part due to more women and older people in the labour market.

The TUC research indicates that the average worker has lost £11,800 in real earnings since 2008. It says the UK has suffered the worst real wage slump among leading economies since the recession.

The biggest losses have been in areas such as the London borough of Redbridge, Epsom and Waverley in Surrey, Selby in North Yorkshire, and Anglesey in North Wales.

TUC general secretary Frances O’Grady said: “While pay packets have recovered in most leading economies, wage growth in the UK is stuck in the slow lane . . . Ministers need to wake up and get wages rising faster. This means cranking up the pressure on businesses to pay staff more, especially at a time when many companies are sitting on large profits.”

Meanwhile, a report this week from Morgan McKinley showed a 39% decrease in Financial Services jobs available compared to November 2017. A poll of 6,500 professionals, the majority of whom work in the IT and financial services sector, found 74% backed a People’s Vote. A CBI survey found 80% of members had decreased investment in the UK due to Brexit with 97% with contingency plans for no deal saying they would start putting those plans into action before Christmas.



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