Business group brands UK wage squeeze ‘worst in modern history’
The Trades Union Congress (TUC) has branded the UK’s current wage squeeze as the ‘worst in modern history’.
An analysis of Office for National Statistics (ONS) figures carried out by the TUC suggested that wages are on course to recover at the ‘slowest pace in 200 years’.
It also found that, a decade on from the financial crisis, real wages are worth £24 a week less when compared to 2008. According to the TUC, real wages are not set to return to pre-crash levels until 2025.
The business group found that wages recovered more quickly after the Great Depression and the Second World War than they have following the 2008 financial crash.
Commenting on the matter, Frances O’Grady, General Secretary of the TUC, said: ‘UK workers are suffering the worst pay squeeze for two centuries.
‘Millions of kids are growing up in poverty despite having parents in work.
‘We need great jobs in every region and nation of the UK, and higher wages for all workers, not just the bosses.’
Responding to the TUC analysis, a spokesperson for the Treasury stated: ‘Our National Living Wage (NLW) has boosted pay for the lowest earners by over £2,000 already; we are cutting taxes to help people keep more of what they earn; and we are making sure people have the skills they need to secure high-quality, well-paid jobs by investing in technical education and boosting apprenticeships.’
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