Wages adjusted for inflation decline at fastest rate in 20 years, while job vacancies fall for first time in two years in a sign that hiring demand is slowing
Ben Harrison, director of the Work Foundation at Lancaster University, a think tank for improving work in the UK, said:
Ahead of next week’s energy price cap announcement, there is more bad news for workers as real wages fell by a record 3% on the year. With inflation at 9.4%, and the Bank of England predicting it will peak at 13% in early 2024, people across the UK are facing more tough decisions as their regular pay fails to keep pace with rising prices.
The six million workers in severely insecure jobs will be hardest hit and are already running out of options. Many have already tried to find more hours work and cutback spending but continue to face great uncertainty.
Families are being hammered by a cost of living catastrophe and yet the government is nowhere to be found.
This Zombie government has no plan and is failing our country. People can’t wait any longer for the Conservatives to play out their horror show leadership contest.