08 Jul 2024
Real average earnings are just £16 a week higher than they were 14 years ago, according to research conducted by the Resolution Foundation.
The think tank said that the UK's labour market backdrop to the General Election is a prolonged pay squeeze that has left real average wages today just £16 a week higher than in 2010. It stated that this has been caused by three shocks to pay packets in little over a decade, including the financial crisis, the Brexit referendum and the cost-of-living crisis.
According to the Resolution Foundation, in the 14 years prior to the 2010 election, average real wages grew by £145 a week in total.
Hannah Slaughter, Senior Economist at the Resolution Foundation, said:
'Britain's prolonged pay depression has left average earnings just £16 a week higher than they were back in 2010, despite the welcome return of rising real wages in recent months.
'Worryingly, Britain's decade-long jobs boom during the 2010s has also gone bust, with the UK one of only a handful of countries where employment has yet to return to pre-pandemic levels.'
Internet link: Resolution Foundation