Morris Crocker - Chartered Accountants
Log In >

NEWS

Average earnings only £16 higher

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

Latest news...

05/02/2025

British household wealth increases

Data published by the Wealth and Assets Survey (WAS) has showed that British household wealth hit a record high of £13.6 trillion in the two years to March 2022.

READ MORE

Newsletter Sign Up

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.



REF: MC/NL/1.2