16 October, 2014
Average wages have fallen by £50 a week in real terms since 2008, analysis from the TUC has revealed.
Based on the consumer price index workers are on average £2,500 a year worse off than before the crash.
According to the TUC this is the seventh year that weekly earnings have fallen, the longest period since records began in the 1850s.
Last month Bank of England Governor Mark Carney said weekly earnings have fallen by around 10% in real terms since the financial crisis.
Frances O’Grady, TUC general secretary, said: “Workers would be over £2,500 a year better off had wage growth kept pace with even the most modest measure of inflation.
“Instead, pay has fallen off a cliff and shows little sign of recovering any time soon. Ordinary households are not sharing in the recovery and are facing their seventh consecutive year of real wage cuts.
“People are increasingly being forced to use their credit cards and dwindling savings to make ends meet, and unless Britain gets a pay rise soon the UK’s personal debt problem will get even worse.
“That’s why thousands and thousands of people from across the country – who work in both the private and the public sectors – will be coming to London on Saturday for our Britain Needs a Pay Rise march and rally.”