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Real Terms Wages Fall Yet Again

Wednesday, July 12, 2017

 

 

With inflation spiking and wages stagnating, it's no wonder this has become Conservative summer of discontent.

GMB has called on the Government to 'sort out' its industrial strategy and follow through on warm words about decent work as new figures show yet another drop in UK wages.

New figures from the Office for National Statistics (ONS) show average real terms wages have fallen by 0.7% in the past year. [1]

The drop is mainly due to rising inflation which has been increasing since April 2012 and is currently at 2.9%.

Yesterday, a review by Matthew Taylor into modern working practices highlighted the need for quality jobs.

But GMB says plummeting wages and rising inflation show the conservatives have no realistic industrial strategy.

Tim Roache, GMB General Secretary, said:

“The fact wages are dropping like a stone means millions of working people are struggling to make ends meet.

"This isn't some theoretical debate in Westminster, this is real people going to work every day but still not being able to get by.

“Yesterday, Matthew Taylor called for more quality jobs – well these figures show they just aren’t there.

"The public sector pay cap is causing misery for millions of families, with the people how keep us safe, care for us and teach our kids having thousands cut from their pay in real terms.

"If the Prime Minister wants to do something about living standards then that's one policy she could drop overnight.

“An economic record that compares to the 1970s is nothing to be proud of.

"With inflation spiking and wages stagnating, it's no wonder this has become the Tories' summer of discontent.”

ENDS

Contact: GMB press office on 07958 156846 or at press.office@gmb.org.uk

Notes to editors:

[1] https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/articles/labourmarketeconomiccommentary/july2017

[2] Tory Economic Credibility in Tatters As Inflation Shoots Up

Tuesday, June 13, 2017

Inflation rises to 2.9% in latest figures – highest since April 2012.

Read more: http://www.gmb.org.uk/newsroom/inflation-five-year-high 

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