British workers have suffered the biggest fall in the value of their wages of any of the world's wealthiest countries, according to a new study from the TUC.
British workers have suffered the biggest fall in the value of their wages of any of the world’s wealthiest countries, according to a new study from the TUC.
Workers in Britain have seen their pay drop by 4.5 per cent in real terms between 2007 and 2011, worse even than Italy and Japan.
Tellingly, however, most of the slump occurred during 2011, the first full year after George Osborne announced the government’s austerity measures, as the graph below shows.
The TUC’s general secretary Frances O’Grady said that the government’s “blind obedience to self-defeating austerity” was to blame for the squeeze on living standards.
Left Foot Forward recently reported that just three EU countries saw a bigger drop in living standards than the UK in past two years.
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11 Responses to “British workers see biggest fall in wages among wealthiest countries”
Colin Lakin
gfir: I don’t think it’s too far fetched to suggest that if there are more workers than jobs, and more immigrant workers arrive, job competition will increase. With greater job competition comes lower wages and poorer employee rights.
Were I a Bulgarian, I would be attracted by the higher wages in England; for that reason you can not blame immigrants: they are acting logically. However, being English, I’m selfish and I wish to protect my wage and my employee rights which would be undermined by having too many people looking for work. I’m a protectionist.
Immigration benefits employers, but I question if it helps employees.
Newsbot9
No. Studies show that we’d have lower wages, and that the British people you hate so much would earn less. Keep up the sabotage!
Newsbot9
It’s not supported by the facts. Studies have shown that this isn’t the issue. You’re trying to LOWER your wages, and indeed are ignoring trade. If tens of billions are lost to isolationism, the costs will be socialised onto the poor. Again.
Newsbot9
That you’re a liar simply trying to destroy pensions, when you don’t understand the concept of the pound.
And right, you keep claiming that the government “sets” private sector wages, that QE isn’t inflationary in any case, and that tax has risen 35%. All lies.
And yes, you’re a major fraudster, talking about your 7kbn fraud. And?
Newsbot9
Oh, don’t give a free pass to the government’s deliberate suppression of demand.