YEREVAN, February 1. /ARKA/. British workers have suffered the longest squeeze on their incomes for at least 50 years, official figures showed yesterday.
The Office for National Statistics said average wages have fallen 2.2 per cent a year since the start of 2010 after inflation is taken into account.
The four-year slump in ‘real wages’ is the longest since records began in 1964 and will fuel the political row over the so-called ‘cost of living crisis’ facing millions of families across the UK.
Household finances have been squeezed by subdued wage rises or even pay freezes at a time when the cost of essentials such as food and fuel has soared.
Living standards look set to be a key political battleground between now and the general election in May 2015 with ministers hoping that the worst may now be over.
But the ONS said it is ‘difficult to conclude that there has yet been a break from the trend of falling real wage growth’ following a drop of 1.5 per cent between the third quarter of 2012 and the same period of 2013. –0--