UK workers take biggest hit to real wages since records began
2 years, 4 months ago

UK workers take biggest hit to real wages since records began

CNN  

London CNN Business — UK workers have suffered the biggest dropin 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. 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. On Tuesday, data firm Kantar said that UK grocery price inflation hit 11.6% over the past four weeks, the highest level it had seen in 14 years of tracking the data. Colossal rises in energy bills — the average annual bill has already jumped 54% this year to hit nearly £2,000 — have plunged millions of Britons into a cost-of-living crisis, forcing many to choose between “heating or eating.” Further pain is on the way.

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History of this topic

Unemployment in the UK rises to 4.3% and earnings fall to 4.8%
Trending News
1 month, 4 weeks ago

Unemployment in the UK rises to 4.3% and earnings fall to 4.8%

Daily Mail  

Wage growth has fallen to its lowest level in more than two years while Britain's jobless rate jumped by more than expected, according to official figures. The Office for National Statistics said average regular earnings growth eased back to 4.8 per cent in the three months to September, down from 4.9 per cent in the previous three months. Earnings growth …

These are the workers who got the biggest pay rises last year... how does your job compare?
2 months, 1 week ago

These are the workers who got the biggest pay rises last year... how does your job compare?

Daily Mail  

New figures have revealed the groups of workers who got the biggest pay rises last year. However, it was postal workers that got the biggest pay rise among major occupations, with an average increase of 18 per cent, The Telegraph has reported. Postal workers, mail sorters and messengers were paid an average of £28,459 last year compared to £33,583 this …

Real living wage goes up: Who will get the new amount?
2 months, 2 weeks ago

Real living wage goes up: Who will get the new amount?

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors }} The new rate …

Why Britain is leaving Europe behind on pay – and becoming more like the US
7 months, 3 weeks ago

Why Britain is leaving Europe behind on pay – and becoming more like the US

The Telegraph  

One reason is unemployment: it is significantly lower in the UK than that in the eurozone, pointing to a tight jobs market that keeps wages high. George Buckley, economist at Nomura, says: “It could be that those coming in from Europe were low-wage and they were acting to reduce pay pressures in parts of the economy, whereas these people could …

Relief for Brits as wages outstrip inflation by biggest margin since 2021 despite signs jobs market is weakening… but inactivity crisis deepens
8 months, 3 weeks ago

Relief for Brits as wages outstrip inflation by biggest margin since 2021 despite signs jobs market is weakening… but inactivity crisis deepens

Daily Mail  

Brits have been offered some much-needed relief as figures showed wages outstripping inflation by the biggest margin in two and a half years. Regular pay rose by 2.1 per cent year-on-year in real terms in the three months to February. The Office for National Statistics said the jobless rate jumped to 4.2 per cent in the three months to February …

UK slumps into the red with GDP dropping 0.5% in July as families and businesses struggle to cope with soaring interest rates... amid fears BoE is poised for more hikes
1 year, 3 months ago

UK slumps into the red with GDP dropping 0.5% in July as families and businesses struggle to cope with soaring interest rates... amid fears BoE is poised for more hikes

Daily Mail  

The UK has slumped into the red as spiking interest rates and dire weather hammered activity in July. Grim figures showed GDP dropped 0.5 per cent - far worse than the 0.2 per cent expected by analysts and the biggest fall since last December. Grim figures showed GDP dropped 0.5 per cent in July - far worse than the 0.2 …

UK employment hits record high but the economy is still short 1 million workers
1 year, 6 months ago

UK employment hits record high but the economy is still short 1 million workers

CNN  

London CNN — The number of people in work in the United Kingdom has climbed above its pre-pandemic level for the first time, reaching a record high. Employment hit a record 33.1 million between February and April, with increases in both the number of employees and self-employed workers, the Office for National Statistics said Tuesday. Economists said the rise in …

UK strikes hit a 30-year high as inflation erodes pay
1 year, 10 months ago

UK strikes hit a 30-year high as inflation erodes pay

CNN  

London CNN — The United Kingdom lost more working days to strikes in 2022 than in any year since 1989, as employees walked out in large numbers over pay amid soaring living costs. Real pay falls The UK government has so far refused to grant public sector workers higher pay awards, arguing that doing so risks making the inflation problem …

UK cost of living crisis: Brits to remain poor for a long time, says NIESR report
1 year, 10 months ago

UK cost of living crisis: Brits to remain poor for a long time, says NIESR report

Firstpost  

The crisis, the new study says, will leave one in every four UK households unable to pay their food and electricity bill when the government withdraws the subsidies in April this year New Delhi: The United Kingdom’s cost of living crisis will end up denting the standard of living in the country permanently, a new report by UK’s National Institute …

Wages rise at fastest pace in two decades but fall behind inflation
1 year, 11 months ago

Wages rise at fastest pace in two decades but fall behind inflation

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. The proportion of working-age people who were unemployed also …

Wages in UK next year to be at their lowest level since 2006
2 years ago

Wages in UK next year to be at their lowest level since 2006

Firstpost  

The report confirms that wages have stagnated in Britain even as inflation hits double digits, sparking the worst cost-of-living crisis in decades New Delhi: The average British worker’s pay in 2023 is expected to fall back to 2006 levels once inflation is taken into account. The report further confirms that wages have stagnated in Britain even as inflation hits double …

Tens of thousands of UK workers strike as inflation crushes wages
2 years, 4 months ago

Tens of thousands of UK workers strike as inflation crushes wages

Al Jazeera  

Rail, mail and dock workers are launching strikes in vast numbers as UK inflation erodes the value of their wages. Britain’s rail, mail and dock workers are launching strikes in vast numbers as 40-year-high inflation erodes the value of wages at a record pace. “This record fall in real wages demonstrates the vital need for unions like Unite to defend …

At 10.1%, UK inflation hits double digits for the first time in 40 years
2 years, 4 months ago

At 10.1%, UK inflation hits double digits for the first time in 40 years

Hindustan Times  

UK inflation accelerated more than expected last month to the highest in 40 years, intensifying a squeeze on consumers and adding to pressure for action from the government and Bank of England. “Food prices rose notably, particularly bakery products, dairy, meat and vegetables, which was also reflected in higher takeaway prices,” said Grant Fitzner, chief economist at the ONS. “Price …

UK inflation hits 10% as cost-of-living crisis accelerates
2 years, 4 months ago

UK inflation hits 10% as cost-of-living crisis accelerates

CNN  

CNN Business — Inflation in the United Kingdom hit a new 40-year high last month, rising above 10% for the first time since 1982 and piling further pain on households already struggling to pay their bills. Soaring food prices — up 12.7% since July 2021 — were the largest single contributor to the acceleration in inflation, the ONS said. “All …

Cost-of-living crisis: Wages plunge at record rate of 3% as bills soar
2 years, 4 months ago

Cost-of-living crisis: Wages plunge at record rate of 3% as bills soar

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

UK workers stage nationwide train strike as inflation worsens
2 years, 5 months ago

UK workers stage nationwide train strike as inflation worsens

Al Jazeera  

Wages have failed to keep pace with UK inflation, currently at a 40-year high and set to worsen. Some 40,000 railway workers in the United Kingdom have staged a walkout over pay, job security and working conditions as the country battles its worst cost of living crisis in decades. Mick Lynch, general secretary of the National Union of Rail, Maritime …

Why British workers’ pay squeeze will last even longer than previously feared
2 years, 5 months ago

Why British workers’ pay squeeze will last even longer than previously feared

The Telegraph  

Staff at Virgin Money are getting an extra £1,000 to help with the cost of living, in the latest example of companies boosting wages as inflation soars to a four-decade high. The one-off bonus is being handed to all Virgin Money workers who earn less than £50,000 per year, and comes on top of a 5pc pay rise offered at …

UK workers suffer their biggest pay drop in two decades as inflation bites
2 years, 5 months ago

UK workers suffer their biggest pay drop in two decades as inflation bites

CNN  

London CNN Business — Workers in the United Kingdom are struggling with the biggest drop in pay in more than two decades, as surging food and energy prices take a giant bite out of wages. Real pay — workers’ wages that take inflation into account — slumped by 2.8% between March and May compared to the same time last year, …

UK gives below-inflation pay rises for public-sector workers
2 years, 5 months ago

UK gives below-inflation pay rises for public-sector workers

Al Jazeera  

Millions of workers – including police, doctors and teachers – are to receive below-inflation pay rises as part of a review that comes amid soaring prices and growing industrial unrest. The United Kingdom has announced below-inflation pay rises for millions of workers including police, doctors and teachers as part of a pay review for public-sector staff that comes amid soaring …

Inflation hits fresh 40-year high as cost of living crisis deepens
2 years, 6 months ago

Inflation hits fresh 40-year high as cost of living crisis deepens

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Britain’s government is doing all …

UK inflation rate hits new 40-year high of 9.1%
2 years, 6 months ago

UK inflation rate hits new 40-year high of 9.1%

Associated Press  

LONDON — Britain’s inflation rate hit a new 40-year high of 9.1% in the 12 months to May, figures showed Wednesday, as Russia’s war in Ukraine drove food and fuel prices ever higher. Chief economist Grant Fitzner said “continued steep food price rises and record high petrol prices were offset by clothing costs rising by less than this time last …

UK inflation hits 9.1%, the highest rate in the G7
2 years, 6 months ago

UK inflation hits 9.1%, the highest rate in the G7

CNN  

Soaring food prices pushed British consumer price inflation to a 40-year high of 9.1% last month, the highest rate out of the Group of Seven countries and underlining the severity of the cost-of-living crunch. Historical records from the Office for National Statistics show May’s inflation was the highest since March 1982 — and worse is likely to come. “With the …

UK inflation has hit a 40-year high. Here's what that means for Australia
2 years, 6 months ago

UK inflation has hit a 40-year high. Here's what that means for Australia

ABC  

Another major economy has just recorded a large increase in inflation — a key measure of the cost of living. The hike raised concerns the US Federal Reserve — the equivalent of Australia's Reserve Bank — would need to raise interest rates sharply to cool demand in the economy and bring inflation under control. The spot market is where energy …

Real wages plunge at record rate as cost-of-living crisis takes hold
2 years, 6 months ago

Real wages plunge at record rate as cost-of-living crisis takes hold

The Independent  

Real pay has fallen at a record rate, with public sector workers seeing a particularly big hit to their earnings while bankers toasted “extremely high” bonuses, official figures show. Public sector workers saw their wages rise 1.5 per cent in the three months to April compared with a year earlier. “There is not yet any sign of the economic slowdown …

UK inflation rises at the fastest pace in 30 years
2 years, 8 months ago

UK inflation rises at the fastest pace in 30 years

India Today  

British consumer prices rose at the fastest pace in 30 years last month, fueled by soaring costs for household energy and motor fuels — the latest grim figures as inflation surges around the world. The U.K. faces what economists say will be the biggest drop in living standards since the mid-1950s as rocketing energy costs, rising food prices and tax …

UK inflation rises at the fastest pace in 30 years
2 years, 8 months ago

UK inflation rises at the fastest pace in 30 years

Associated Press  

LONDON — British consumer prices rose at the fastest pace in 30 years last month, fueled by soaring costs for household energy and motor fuels — the latest grim figures as inflation surges around the world. The U.K. faces what economists say will be the biggest drop in living standards since the mid-1950s as rocketing energy costs, rising food prices …

U.K. inflation rises at the fastest pace in 30 years
2 years, 8 months ago

U.K. inflation rises at the fastest pace in 30 years

The Hindu  

British consumer prices rose at the fastest pace in 30 years last month, fueled by soaring costs for household energy and motor fuels — the latest grim figures as inflation surges around the world. The U.K. faces what economists say will be the biggest drop in living standards since the mid-1950s as rocketing energy costs, rising food prices and tax …

More Britons worry about bigger bills
2 years, 8 months ago

More Britons worry about bigger bills

China Daily  

Workers wait for buses during the morning rush hour in London, Britain March 1, 2022. Rapidly rising inflation and wage increases that are not keeping up have led many United Kingdom residents to worry more about their finances than about the global pandemic, new research has shown. The University College London study shows 38 percent of UK adults listed financial …

Pay rises failing to keep up with the cost of living, ONS figures show
2 years, 11 months ago

Pay rises failing to keep up with the cost of living, ONS figures show

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Average pay rises are failing to keep up with the …

Cost-of-living ‘catastrophe’ as soaring bills and taxes blow £1,200 hole in household budgets
3 years ago

Cost-of-living ‘catastrophe’ as soaring bills and taxes blow £1,200 hole in household budgets

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Families face a cost-of-living ‘catastrophe’ next year as soaring energy …

UK Inflation could rise above 5% next year, Bank of England’s chief economist warns
3 years, 2 months ago

UK Inflation could rise above 5% next year, Bank of England’s chief economist warns

CNN  

London CNN Business — Inflation couldsurge above 5% early next year in the United Kingdom, according to the Bank of England’s top economist,as product and labor shortages continue to hamper the country’s economic recovery. “I would not be shocked — let’s put it that way — if we see an inflation print close to or above 5%,” Huw Pill told …

Nearly half of supermarket workers earn below real living wage, report says
3 years, 11 months ago

Nearly half of supermarket workers earn below real living wage, report says

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Britain’s supermarkets have been urged …

Almost three million people to receive pay rise of up to £930 in biggest increase to National Living Wage
5 years ago

Almost three million people to receive pay rise of up to £930 in biggest increase to National Living Wage

The Telegraph  

Almost three million people will receive a pay rise of up to £930 from April after the Government announced the biggest ever increase to the National Living Wage. However, the rise falls short of the £9.30 hourly rate the Living Wage Foundation has campaigned for, which calls for pay rises to be reflective of the cost of living. Boris Johnson …

Britain’s surge in wage growth is not as rosy as it seems
5 years, 5 months ago

Britain’s surge in wage growth is not as rosy as it seems

The Independent  

British workers are in the money. According to the latest official figures, wage growth hit 3.6 per cent in the year to May 2019, the highest since 2008. The “back Boris, believe in Britain” brigade – there’s another B-word for what they’re peddling but it isn’t very polite – will close their eyes to this because the numbers look great …

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