David Cameron has been in Downing Street for 36 months of falling real wages – more than any Prime Minister on record - according to new analysis of figures from the Office for National Statistics (ONS).
David Cameron has been in Downing Street for 36 months of falling real wages – more than any prime minister on record – according to new analysis of figures from the Office for National Statistics (ONS).
According to the damning figures, no prime minister has seen as many consecutive months where the rate of inflation is higher than annual rise in wages. Prices have risen faster than wages in all but one month of David Cameron’s premiership – and that was April 2013, when Cam cut taxes for the rich and bank bonuses skyrocketed.
Working people are now £1,350 worse off a year in real terms since David Cameron became prime minister in 2010. Things are also set to get worse. Analysis of Office for Budget Responsibility forecasts by the House of Commons Library shows that wages are forecast to be £1,520 lower in 2015 than in 2010 after inflation is factored in.
This means that working people will have lost a total of £6,660 in real terms since May 2010.
Wages have fallen in real terms in every region and nation of the UK, but Yorkshire & the Humber, Wales, the North West and the South West have seen the biggest percentage falls.
Prices have also risen faster in the UK than in any other G7 country in the past three years, and no other G7 country has seen workers’ incomes in real terms fall by as much as the UK.