SOURCE MIRROR: Nation's pay falls £52bn to £638bn in five years with North West suffering sharpest cuts
Falling real wages, reduced hours and changes in the kind jobs people are doing has reduced the nation’s total pay, said a TUC report. This means a 7.5% drop on average since the eve of the recession in 2007. The North West suffered the sharpest cut of 10.6%. The South West, West Midlands and Scottish economies have also seen pay packets shrink by around 10%. Despite a small rise in the number of people in work since 2007, it has failed to offset the sharp cuts to workers’ wages. The TUC says if people have less money and are spending less, businesses will struggle: “It’s no wonder businesses are struggling when so much demand has been sucked out of the economy.”
SOURCE DAILY MAIL: Top business leaders' pay packets rise by 10%: Bosses of top companies now enjoy £4.3m in pay and perks
The leaders of FTSE 100 firms continued to enjoy salary hikes, while ordinary workers endure pay freezes or meagre increases. Meanwhile the average worker received a pay rise of just 1 per cent, according to the Office for National Statistics – the lowest since its records began in 2001. That is well below inflation, currently at 2.4%.
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