The real value of British workers’ wages has fallen back to 2003 levels in 2012, raising fresh concerns at the time of the country’s ailing economy, a new report suggests.
According to figures released by the Office for National Statistics (ONS), British workers are earning no more than they were 10 years ago because of the current inflation rate.
The ONS has blamed the fall on a number of causes, saying, “This may be because of pay freezes for people who remain in the same job, or it may reflect changes in the composition of jobs that people do, with some high-paid jobs being cut as the economy adjusts following the shock of 2008-09 and more low-paid jobs being created.”
Britain’s Trades Union Congress (TUC) criticized the government’s policies on current economic situation and said the figures came as no surprise.
“Official figures now confirm what everyone knows: living standards have been falling for the vast majority, and there is no sign of change,” said the TUC general secretary, Frances O’Grady.