Due to two crises and Brexit, workers have faced an “unprecedented” pay compression since 2010, with real weekly wage increase of £16.
Over the course of time, the total factors in pricing increases.
It stated that the financial crisis of the late 2000s, the current cost of living problem, and the economic fallout from Brexit had all conspired to stifle wage growth.
The rise in salaries from the 14 years prior to 2010, when they increased by £145 a week, represents a notable deceleration. In addition, it is small in contrast to other major economies.
People would have been earning £3,600 more annually, or £69.23 per week, if wage growth had been comparable to that of Germany and the US.
Although wages have been increasing more swiftly than inflation in recent months, they haven’t increased sufficiently to offset almost two years of rising prices for items relative to pay packets.
Although prices increased by 2% and wages by 6% according to the most recent official inflation measurement, the benefits of salary increases were being undermined by price increases driven by high energy costs following the invasion of Ukraine.
