Pay squeeze intensifies as wage growth falls further behind inflation
In all the talk of disasters and political alliances this worrying phenomenon which affects many hard working rural “JAMs” is creeping up on us…. The article tells us:
Britain is experiencing a rapid decline in living standards with the biggest squeeze in workers’ pay since 2014, according to the latest official data.
Regular pay adjusted to account for the impact of inflation fell by 0.6% year on year in the three months to April. It was the weakest data since the summer months in 2014, according to the Office for National Statistics. The decline followed a 0.4% drop in the three months to March.
Trade unions reacted with dismay to the figures. Frances O’Grady, general secretary of union umbrella body the TUC, warned that Britain was heading for a fresh crisis in living standards.
“Real wages have fallen for the second month in a row. Unless the government gets its act together, we’ll soon be in the middle of another cost of living crisis,” she said.