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May 19, 2024 4:16 pm

Stalling wage growth since 2008 costs £11,000 a year, says think tank

A new report by the Resolution Foundation think tank has found that stalling wage growth in the UK since 2008 is costing workers an average of £11,000 a year. The report highlights the long-term impact of the financial crisis on workers’ pay, with wage growth remaining stagnant for over a decade.

The report found that workers born in the 1980s are earning less than those born in the 1970s at the same age, despite being more highly educated. The study also found that those in the bottom 10% of earners had experienced the biggest hit to their pay since 2008, with their wages falling by 12%.

The think tank has called for urgent action to address the issue of stalling wage growth, including measures such as increasing the minimum wage and improving workers’ access to training and education. They also called for the government to invest in infrastructure projects and increase funding for public services to boost economic growth and create more high-paying jobs.

The report’s findings come amid growing concerns over the impact of the COVID-19 pandemic on the UK’s economy, with many workers facing job losses or reduced hours. The think tank has warned that without action to address the issue of stalling wage growth, workers will continue to face significant financial challenges, with many struggling to make ends meet.

Commenting on the report, Resolution Foundation Chief Executive, Torsten Bell, said, “Stalling pay has been the biggest living standards challenge of the last decade. Fixing it should be the biggest domestic priority of the decade ahead. That means boosting the minimum wage, tackling insecurity and investing in the skills and infrastructure the country needs to grow.”

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