Wednesday, 2 April 2014

Official figures show living standards falling despite the recovery

Commenting on the Office for National Statistics (ONS) latest economic review published today (Wednesday) – which found that real wages have fallen by 7.6 per cent since 2008 and real household disposable income by 0.3 per cent in the last quarter of 2013 – TUC General Secretary Frances O’Grady said:
“Workers across the economy have experienced a deep squeeze in their pay packets since 2008. Construction workers have been hit the hardest and are currently receiving just 86p for every pound they earned before the crash.
“What’s even more worrying is that the recent recovery is failing to raise living standards. Disposable incomes are still falling and people are no better off today than they were nine years ago.
“We need a recovery that benefits ordinary families, rather than one where the proceeds of growth just go to the same old wealthy elites.”

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