British workers take biggest hit in real wages since records began

The inflation-adjusted average real wage fell 3% between April and June compared to the same period last year, according to data from the Office for National Statistics released Tuesday.

“The real value of wages continues to fall. Excluding premiums, it is still falling faster than at any time since comparable records began in 2001,” Darren Morgan, director of economic statistics at the ONS, said in the report. tweet.

Regular wages (excluding bonuses) rose 4.7% between April and June, the ONS said, but with prices rising much faster, workers are left worse off.

Inflation jumped to 9.4%, a 40-year high, forcing the Bank of England to raise interest rates six times from December, and at the end of this year, prices are projected to rise even higher.

On Tuesday, news agency Kantar said UK food price inflation reached 11.6% over the past four weeks, the highest level in 14 years of tracking data. Average annual purchase bills rose by £533 ($640).

Enormous growth in electricity bills – the average annual bill is already jumped 54% this year reach nearly £2,000 (US$2,410) – plunged millions of Britons into cost of living crisisforcing many to choose between “warm up or food.”
More pain on the way. Annual electricity bills for millions of households could exceed £5,000 ($6,000) next springaccording to research firm Auxilione.
“As real wages fall, the pressure on low-income families becomes greater. It is simply not right that people have to make increasingly impossible decisions about what essentials to forego,” said the Joseph Rowntree Charitable Foundation. on Tuesday tweet.
In recent months, British workers have been demanding higher wages to deal with the crisis. In June, thousands of railway workers went on strike demand that their wages rise in line with inflation, and more strikes are scheduled this week.

On Tuesday, thousands of check-in workers at British Airways won an average pay raise of 13% after threatening to go on strike.

Unite workers’ union said the increase would help reverse cuts in employee wages during the pandemic.

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