Tory “economic competence”: Britain has biggest fall in real wages since financial crisis of any advanced country except Greece
From The Guardian: Britain has suffered a bigger fall in real wages since the financial crisis than any other advanced country apart from Greece, research shows.
A report by the TUC shows that real earnings have declined more than 10% since the credit crunch began in 2007, leaving the UK equal bottom in a league table of wages growth.
Using data from the OECD’s recent employment outlook, the TUC found that over the same 2007-2015 period, real wages grew in Poland by 23%, in Germany by 14%, and in France by 11%. Across the OECD, real wages increased by an average of 6.7%.
The TUC found that between 2007 and 2015 in the UK, real wages – income from work adjusted for inflation – fell by 10.4%. That drop was equalled only by Greece in a list of 29 countries in the Organisation for Economic Cooperation and Development (OECD).