British workers have seen the value of their real wages fall by 8.5 per cent over the last three years, according to new analysis from the TUC today (Tuesday).
Responding to the latest inflation figures published this morning, the TUC said that average salaries in March 2013 were £2,234 down on their 2010 level.
TUC General Secretary Frances O’Grady said: ‘Inflation may have slowed a little but there is no hiding the fact that prices are still rising over three times faster than wages.
‘Average pay packets have fallen by nearly 10 per cent over the last three years – eroding the spending power of households and eating away at the value of savings for those families still fortunate enough to have them.
‘The government’s self-defeating austerity programme has added to this pressure on family budgets, with cuts to tax credits, a freeze in child benefit and a VAT hike.
‘Unless we start to see real wages increase, consumer spending will remain weak and the economy will continue to struggle.’
Fall in real wages between March 2010 and March 2013
|Mar 2010||Mar 2013||Change (£)||Change (%)|
|Average weekly wages||£506||£463||£-43||-8.5|
|Average annual salary||£26,310||£24,076||£-2,234||-8.5|
– Figures published by the Office for National Statistics today show that the RPI inflation was 2.9% in April and CPI 2.4%.