The pay of bankers has risen three times as fast as NHS workers

New analysis from the Trades Union Congress (TUC) has revealed the staggering real terms pay cuts NHS workers have experienced since 2008. According to the TUC, the government’s decision not increase the pay of nurses, midwives and paramedics has seen them lose thousands of pounds in pay.

The TUC has found that nurses have lost £42,000 in real terms earnings since 2008. Paramedics and midwives have lost £56,000, the union confederation has claimed.

In contrast to the eye-watering real terms pay cuts experienced by NHS workers, the TUC has also found that the pay of bankers has risen substantially. The TUC has found that the pay of bankers has risen three times as fast as NHS workers.

Pay for people working in finance and insurance has risen by an average of 6% per year – above the rate of inflation – since 2008. NHS workers, by contrast, have received a below inflationary increase of 2% per year.

The findings come as the NHS is currently being rocked by strikes in disputes over pay – with nurses and ambulance workers having walked out in recent months.

TUC general secretary Paul Nowak said, “At a time when ministers are telling dedicated public servants they can’t have a pay rise, they’re letting City executives take home ever bigger sums.

“It’s not right. We can’t live in a country where nurses are having to use food banks to get by, while bankers are allowed to help themselves to unlimited bumper bonuses.

“This all boils down to political choices. Ministers could be taxing wealth and giving all of our public-sector workers a decent pay rise.

“But instead, they are choosing to inflict more pay misery on our nurses, paramedics and midwives.”

Chris Jarvis is head of strategy and development at Left Foot Forward

Image credit: Steve Eason – Creative Commons

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