Wages in UK among biggest fallers in Europe

<p>Workers in the UK have seen their salaries cut.</p>

New data has shown that wages in the UK have fallen by more than much of Europe in the last three years.

Figures requested by the Labour Party indicated that average hourly wages have fallen 5.5 per cent since mid-2010, with this having been adjusted for the effect of inflation.

The data showed that this was the fourth-worst decline among the 27 EU nations, while the average across the whole of the EU was a 0.7 per cent drop.

Responding to the figures, shadow Treasury minister Cathy Jamieson stated that the government is facing a "cost of living crisis".

"Despite out-of-touch claims by ministers, life is getting harder for ordinary families as prices continue rising faster than wages," she said.

But a Treasury spokesperson insisted that the economy in the UK is "on the mend", with growth of 0.6 per cent having been recorded in the second quarter of the year.

After this rose from 0.3 per cent between January and March, some analysts have forecast growth will be above one per cent for the year as a whole.

Find up to date information on the FTSE 100 and spread betting strategies at City Index

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.