Research carried out by the Resolution Foundation has found that real average earnings are just £16 a week higher than they were 14 years ago.
The Resolution Foundation said that the UK’s labour market backdrop to the General Election is a ‘prolonged pay squeeze’ that has left real average wages just £16 a week higher than in 2010. It stated that this has been caused by ‘three shocks to pay packets’, including the financial crisis, the Brexit referendum and the cost-of-living crisis.
According to the Resolution Foundation, in the 14 years prior to the 2010 election, average real wages grew by £145 a week in total.
Commenting on the issue, Hannah Slaughter, Senior Economist at the Resolution Foundation, said: ‘Britain’s prolonged pay depression has left average earnings just £16 a week higher than they were back in 2010, despite the welcome return of rising real wages in recent months.
‘Worryingly, Britain’s decade-long jobs boom during the 2010s has also gone bust, with the UK one of only a handful of countries where employment has yet to return to pre-pandemic levels.’
04/07/2024
View all >
20/04/2026
Countdown to taxation of benefits-in-kind via the payroll underway
There is now less than a year to go before all employers must tax benefits-in-kind via the payroll, the Chartered Institute of Taxation has warned.
READ MORE
UK businesses should apply now for Vaping Products Duty
Vaping-related businesses and supply chains need to register now for Vaping Products Duty (VPD) and the Vaping Duty Stamps (VDS) Scheme, says HMRC.
Higher energy prices could leave typical British households £480 worse off this year
Higher energy prices due to the conflict in the Middle East are set to make the median working-age British household £480 worse off this year, according to the Resolution Foundation.
Sign up to keep in touch to receive our latest news and industry updates.
* *
Yes, I would like to receive email updates providing me with the latest finance news, advice guides and details of future events.