TUC: shrinking pay damaging living standards and holding back economy
Katie AllenThe UK's annual pay packet has shrunk by £52bn compared with the start of the financial crisis, according to research from the Trades Union Congress marking the launch of its pay rise campaign.
Total pay was 7.5% lower in 2012 than on the eve of the recession in 2007, with the drop in disposable income damaging living standards and sucking billions out of local economies, according to the TUC. It puts the drop down to a combination of low pay growth in real terms, changes in the kind of jobs people do and reduced hours.
"Over the last five years people have taken a massive hit in their pay packets, while millions more have had to reduce their hours or take lower paid work. Many people have lost their jobs altogether," said the TUC general secretary, Frances O'Grady, launching the Britain Needs a Pay Rise campaign. "It's no wonder businesses are struggling when so much demand has been sucked out of the economy."
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"TUC: shrinking pay damaging living standards and holding back economy", La Clé des Langues [en ligne], Lyon, ENS de LYON/DGESCO (ISSN 2107-7029), novembre 2013. Consulté le 29/09/2023. URL: http://cle.ens-lyon.fr/anglais/archives/archives-revue-de-presse/tuc-shrinking-pay-damaging-living-standards-and-holding-back-economy