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| UK in worst decade for pay growth for 210 years, says thinktank | UK in worst decade for pay growth for 210 years, says thinktank |
| (35 minutes later) | |
| The UK is in the midst of the worst decade for pay growth since the Napoleonic wars two centuries ago, according to the Resolution Foundation. | The UK is in the midst of the worst decade for pay growth since the Napoleonic wars two centuries ago, according to the Resolution Foundation. |
| In a grim assessment of the new budget forecasts, the thinktank said families would miss out on £12,000 of pay growth by 2020, the worst decade for 210 years. | In a grim assessment of the new budget forecasts, the thinktank said families would miss out on £12,000 of pay growth by 2020, the worst decade for 210 years. |
| Workers will be hit with falling real pay, where inflation exceeds wage growth, in the coming months, Resolution said. Real average earnings are only expected to return to their pre-crisis peak by the end of 2022. | |
| Torsten Bell, the director of the Resolution Foundation, said: “The big picture from yesterday’s budget is that the big squeezes on both the public and family finances have been prolonged well into the 2020s. | Torsten Bell, the director of the Resolution Foundation, said: “The big picture from yesterday’s budget is that the big squeezes on both the public and family finances have been prolonged well into the 2020s. |
| “While the Office for Budget Responsibility at least delivered some good news on borrowing, the family finances picture has actually deteriorated since the autumn statement. Britain is set for a return to falling real pay later this year, with this decade now set to be the worst for pay growth since the Napoleonic wars. | “While the Office for Budget Responsibility at least delivered some good news on borrowing, the family finances picture has actually deteriorated since the autumn statement. Britain is set for a return to falling real pay later this year, with this decade now set to be the worst for pay growth since the Napoleonic wars. |
| Bell said that some households would feel the pinch more than others. “The combination of weak pay growth and over £12bn of benefit cuts means that for the poorest third of households this parliament is actually set to be worse than the years following the financial crisis.” | Bell said that some households would feel the pinch more than others. “The combination of weak pay growth and over £12bn of benefit cuts means that for the poorest third of households this parliament is actually set to be worse than the years following the financial crisis.” |
| Resolution calculates that a single person working full time on the minimum wage – earning £13,150 – will be £380 worse off by 2020. A dual-earning couple with two children and combined earnings of £29,020 will be £360 a year worse off by 2020. | Resolution calculates that a single person working full time on the minimum wage – earning £13,150 – will be £380 worse off by 2020. A dual-earning couple with two children and combined earnings of £29,020 will be £360 a year worse off by 2020. |