UK wages drop 8216 unprecedented 8217 says IFS report
A report has said the UK’s drop in wages in unprecedented.
The fall in wages experienced by UK workers in recent years has been described by a new report as "unprecedented".
Data collected by the Institute for Fiscal Studies (IFS) showed a third of the people who stayed in the same job saw a wage cut or freeze between 2010 and 2011.
With inflation having been as high as five per cent in the last few years in the UK, this means workers have seen their pay packages shrink in real terms.
Labour leader Ed Miliband suggested "people's wages have fallen on average by over £1,300 a year" since the coalition government took control of the UK in May 2010, reports BBC News.
The politician said prime minister David Cameron has to stop ignoring the growing living standards "crisis" that is engulfing families all over the country.
"He's into his fourth year as prime minister, and his excuse for falling living standards is: 'Don't blame me – I'm only the prime minister.' It's simply not good enough," said Mr Miliband.
The UK narrowly avoided a triple-dip recession this year by recording economic growth of 0.3 per cent for the first quarter of the year.
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