Wage stagnation leaving workers £11,000 worse off per year, data finds

Data published by think tank the Resolution Foundation has found that fifteen years of stagnating wages have left UK workers £11,000 worse off per year.

20 Mar 2023

Data published by think tank the Resolution Foundation has found that fifteen years of stagnating wages have left UK workers £11,000 worse off per year.

According to the data, typical UK household incomes have fallen considerably when compared to other European countries such as Germany. It revealed that the gap stood at £500 in 2008, compared to £4,000 now.

The Resolution Foundation stated that rising costs and stagnating wages mean that millions of workers have effectively had a pay cut.

Responding to the findings, a Treasury spokesperson said that the government is increasing investment incentives and highlighted low unemployment figures as a sign that the UK is on the right track.

Torsten Bell, Chief Executive of the Resolution Foundation, said: 'Nobody who's alive and working in the British economy today has ever seen anything like this. This is definitely not what normal looks like.'

Sheards are cloud accounting experts

qb sage xero freeagent kashflow

Home | Contact us | Accessibility | Disclaimer | Help | Site map | SeptemberSeptemberjanuary

© 2024 Sheards Chartered Accountants. All rights reserved.

Sheards is the trading name of Sheards Accountancy Limited. Registered in England and Wales: Company no. 06837228. Regulated by the Institute of Chartered Accountants in England & Wales.

Registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England & Wales.

The registered office is: Sheards Chartered Accountants, Vernon House, 40 New North Road, Huddersfield, West Yorkshire HD1 5LS
We use cookies on this website, you can find more information about cookies here.