Pay growth catches up with price rises: “This means people’s real pay is no longer falling,”
Business / Tue 12th Sep 2023 at 07:10am
WAGE growth has caught up with rising prices for the first time in more than a year, according to the latest official figures reports the BBC.
Regular pay, excluding bonuses, rose by 7.8% in May to July compared with the same period last year.
Inflation, a measure of how fast prices of goods and services are rising, rose at the same pace over the same period.
“This means people’s real pay is no longer falling,” said the Office for National Statistics (ONS).
Pay is not catching up with food price rises. Many people are struggling to pay their bills and putting food on the table is difficult.
Exactly right David.
The headline is misleading in scope given that unemployment has also risen and many in full-time employment currently claim Universal Credit and/or use foodbanks. That is surely a truer representation of current pay and conditions for workers: Isn't it?
Then look at the level of mortgage arrears and you get a better understanding of why people are suffering financial distress. Add that to the recent report that the chancellor will freeze social benefits and you should be, at best, alarmed at the state of this country.
8 ,5 % pay rise on pension still below what the rest of europe get and labour want to get rid of triple lock none of these goverments are any good dont trust the tories and most of all trust starmer
Remember you are no longer falling when you hit the ground
"labour want to get rid of triple lock" - no, they just won't commit to it just yet because of the mess that the Tories have made. It's the Tories that want to get rid of the triple lock: https://www.theguardian.com/money/2023/sep/12/treasury-officials-mull-one-off-break-from-pensions-triple-lock
All this means is the Bank of England will ratchet up interest rates which will increase rents and mortgage payments. What little payrise you get will be eaten up by this.