All the day’s economic and financial news, including the latest UK labour force statistics
- BREAKING: Pay still lagging behind inflation
- Basic pay rose by just 2.1% in the last year
- Jobless rate remains at 4.3%, the lowest since 1975
- Yesterday, inflation rose to 3%
- Why aren’t wages rising when employment is so high?
Andy Bruce of Reuters has spotted that workers in the hospitality industry are suffering a sharp pay squeeze:
British workers have now suffered six months of falling real wages, as this chart shows:
“Pay packets are taking a hammering. This is the sixth month in a row that prices have risen faster than wages.
“Britain desperately needs a pay rise. Working people are earning less today (in real-terms) than a decade ago.