Real Terms Pay Falling at Fastest Rate in 20 Years

Inflation is continuing to eat into people’s incomes, with pay excluding bonuses now down by 2.8% in real terms compared to a year ago. The biggest fall since records began…

According to the Office for National Statistics (ONS), pay including bonuses has also now fallen by 0.9% since last year, even accounting for total pay growth of 7.2% in the private sector across the same period. There is some good news: unemployment is still at record lows, and continues to fall. It’s now at 3.8% – lower than pre-pandemic levels – and vacancies were up by 6,900 compared to the last quarter.
Chancellor Nadhim Zahawi said:

“[These figures] underline how strong our jobs market continues to be… I am acutely aware that rising prices are affecting how far people’s hard-earned income goes, so we are providing help for households through cash grants and tax cuts.”

Not sure what “tax cuts” he means, though…

mdi-tag-outline Data Guido Inflation
mdi-account-multiple-outline Nadhim Zahawi
mdi-timer July 19 2022 @ 08:42 mdi-share-variant mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-printer
Home Page Next Story
View Comments