UK Wages Drop Among Worst In Europe
Wages in the UK have seen one of the largest falls in the European Union during the economic downturn, according to official figures.
The figures, which were requested by the Labour Party and collated by the House of Commons library, show average hourly wages have fallen 5.5% since mid-2010, adjusted for inflation. That is the fourth-worst decline among the 27 EU nations .
By contrast, German hourly wages rose by 2.7% over the same period. Across the European Union as a whole, average wages fell 0.7%.
Only Greek, Portuguese and Dutch workers have had a steeper decline in hourly wages, the figures showed.
Other countries that have suffered during the eurozone debt crisis also fared better than the UK. Spain had a 3.3% drop over the same period and salaries in Cyprus fell by 3%.
French workers saw a 0.4% increase, while the 18 countries in the eurozone saw a 0.1% drop during that period.
These figures, requested by the Labour Party and collated by the apolitical House of Commons library, merely put into firm numbers what we've all sensed for three years or more.
The money left over at the end of each month is getting less and less because our salaries have been flatlining while shopping, petrol and energy bills have been rising steadily.
Politically, this is fertile ground. Ed Miliband talks of a squeezed middle and feeling poorer while the government talks of a nascent recovery that will eventually raise living standards across the board while putting pressure on benefit dependants.
Clamping down on inflation, which has been above its 2% target for four years, doesn't appear to be a priority for the new regime at the Bank of England.
Source: Legit.ng
