Extracted from the article: A report showing British workers have suffered the biggest fall in real wages of all major G20 countries since 2010 put further pressure on Osborne. The International Labour Organisation said the UK’s workers had fared worse in terms of falling real pay than the bailed-out eurozone economies of Portugal, Spain and Ireland. Patrick Belser, senior ILO economist and author of the report, said: “In the UK in 2008 there was some positive growth of real wages whereas some other countries had stagnant or declining wages – such as Japan. What you see subsequently is a continuous fall in wages to 2013. We expect wages to be at best flat this year, and they will most likely decline.” The report chimes with data showing most jobs created in recent years are self employed or part-time and on lower pay than in previous years. One of the biggest blows to Osborne’s budget plans was a £27bn forecast fall in tax receipts by 2019.
Posted on: Fri, 05 Dec 2014 15:08:21 +0000
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