United Kingdom - Fall of real earnings predicted - March 31, 2017
The Resolution Foundation predicts in an analysis of the government budget that the country will face the worst decade of pay growth seen in 210 years. Average productivity growth between 2016 and 2021 is expected to be just 1.3 per cent, while nominal pay growth is revised down from the second quarter of 2018 onwards. When combined with rising inflation, this means that real earnings are set to actually fall later in 2017 and are only projected to return to their pre-crisis peak after the end of the forecast period in late 2022, 15 years after the pay squeeze began.
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