Britons suffer 'unprecedented' fall in real wages
The average worker saw a 8pc decline in real wages between 2008 and 2013, says NIESR. ● British workers have suffered an “unprecedented” decline in real wages over the past six years, with the average employee £2,000 worse off since the financial crisis hit, according to new research. “The scale of the real wage falls is historically unprecedented, certainly in the past 50 years where broadly comparable records exist,” said Paul Gregg, Stephen Machin and Mariña Fernández Salgado, the authors of the report. Official data this month showed that workers experienced a 7.6pc fall in real wages over the past six years. However, the research published by NIESR revealed that young workers, among the hardest hit by the downturn, also saw the biggest decline over the period, with pay falling by 14pc between 2008 and 2013. [Hat Tip: Steigan Blogger]
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