‘This is definitely not what normal looks like. This is what failure looks like.’ New research from think tank finds that years of ‘unprecedented’ wage stagnation has left workers in the UK around £11,000 worse off per year than in 2008.
Years of ‘unprecedented’ wage stagnation has left workers in the UK around £11,000 worse off per year than in 2008, a think tank says.
The average earner now makes around £33,000 per year, well above the 2008 average of £25,000, but rising prices mean their money does not go much further. But studies have consistently found the UK has struggled more than most, and that the gap is widening. Torsten Bell, the think tank’s chief, said poorer households have been ‘particularly exposed’ to a ‘toxic combination of low growth and high inequality’.He added: ‘Nobody who’s alive and working in the British economy today has ever seen anything like this.Prof Diane Coyle of Cambridge University told BBC Panorama: ‘A lack of investment over decades has held back the economy, and made the UK less resilient than comparable countries to shocks like Brexit, Covid and the invasion of Ukraine.
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