UK wage recovery slowest in 200 years says TUC

The UKs wage recovery will be the slowest in 200 years, according to union data, with the average worker expected to have lost £18,500 by 2025.

According to the Trades Union Congress (TUC), UK workers are suffering the longest squeeze in modern history.

UK wages have stagnated, the group said, and ten years after the financial crisis, real wages are worth £24 less per week, and they wont return to pre-crisis levels until 2025.

This means that real wages in the UK will have been in decline for 17 years.

Read more: British real wages are officially rising again

The TUC data comes as the Office for National Statistics (ONS) prepares to release UK unemployment and wage growth figures on Tuesday.

The last ONS figures showed that wage growth finally outpaced inflation for the first time in a year.

The TUC compared the current wage data with every other major financial crisis since 1798. The analysis shows that even during the Great Depression and the years following the Second World War, real wage recovery was faster.

Read more: The City reacts to GDP growth: "All but ended hopes for May rate rise"

The analysis comes as thousands of workers plan to march through London demanding a better deal for working people.

The march will culminate at a rally in Hyde Park, where Labour leader Jeremy Corbyn will address protesters.

TUC general secretary Frances OGrady will also speak at the rally saying:

“UK workers are suffering the worst pay squeeze for two centuries. Its taking wages longer to recover from this crash than from the great depression and second world war.

“This means families are struggling to get by. Millions of kids are growing up in poverty despite having parents in work. Mums and dads are skipping meals and turning to dodgy lenders to make ends meet.

“Thats why tens of thousands are marching today for a new deal for working people. We need great jobs in every region and nation of the UK, and higher wages for all workers, not just the bosses.”

[contf] [contfnew]

CityAM

[contfnewc] [contfnewc]