UK joins Greece at bottom of wage growth league

TUC found that between 2007 and 2015 in the UK, real wages fell by 10.4%, the joint lowest in OECD countries

Britain has suffered a bigger fall in real wages since the financial crisis than any other advanced country apart from Greece, research shows.

A report by the TUC, published on Wednesday, shows that real earnings have declined more than 10% since the credit crunch began in 2007, leaving the UK equal bottom in a league table of wages growth.

Using data from the OECD’s recent employment outlook, the TUC found that over the same 2007-2015 period, real wages grew in Poland by 23%, in Germany by 14%, and in France by 11%. Across the OECD, real wages increased by an average of 6.7%.

The TUC found that between 2007 and 2015 in the UK, real wages – income from work adjusted for inflation – fell by 10.4%. That drop was equalled only by Greece in a list of 29 countries in the Organisation for Economic Cooperation and Development (OECD).

The UK, Greece and Portugal were the only three OECD countries that saw real wages fall.

The TUC general secretary, Frances O’Grady, who was a vocal backer of the campaign to remain in the EU, said the figures highlighted the strains on household finances even before the vote for Brexit.

read more: https://www.theguardian.com/money/2016/jul/27/uk-joins-greece-at-bottom-of-wage-growth-league-tuc-oecd

 

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