UK Workforce Suffers Steep Decline in Wages

27 Jul 2016

A report by the Trades Union Congress has shown that  the UK has suffered a bigger fall in real wages since the financial crisis than any other advanced country apart from Greece. 


UK earnings have fallen by 10% since the credit crunch began in 2007. 


Using data from the recent employment outlook report of the Organisation for Economic Co-operation and Development (OECD), findings were that over the same 2007-2015 period, real wages grew in Poland by 23%, in Germany by 14%, and in France by 11%. Across OECD countries, real wages increased by an average of 6.7%. 


Kenneth Gibson said:


“Due to the economic mismanagement of the last UK Labour Government we suffered a deep financial crisis. Average wages then fell substantially and, due to the austerity policies pursued by successive Coalition and Tory UK Governments have barely begun to recover. 


"Families working hard to make ends meet must not foot the bill for a Brexit downturn as they did following the financial crash. If Scotland is to be dragged out of Europe against its will - which we and the SNP will fight against - the UK Government must ensure that the economic impact of Brexit is minimised."
 

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