Post by trueblue on Aug 16, 2022 21:15:58 GMT
'UK workers suffer biggest hit to their wages since records began'
London (CNN Business)UK workers have suffered the biggest drop in their spending power in more than 20 years as prices keep soaring.
Average real wages — which account for inflation — fell by 3% between April and June compared with the same period last year, according to data from the Office for National Statistics published Tuesday.
"The real value of pay continues to fall. Excluding bonuses, it is still dropping faster than at any time since comparable records began in 2001," Darren Morgan, director of economic statistics at the ONS, said in a tweet.
Regular pay (excluding bonuses) was up 4.7% between April and June, the ONS said, but with prices rising at a much faster rate, employees are left worse off.
Regular pay (excluding bonuses) was up 4.7% between April and June, the ONS said, but with prices rising at a much faster rate, employees are left worse off.