UK workers will face the biggest real wage fall of any advanced economy in 2018, according to OECD figures released today (Wednesday).
The figures show that UK real wages will fall by 1.1% in 2018 – putting the UK and Finland at joint-bottom of the league for wage growth among OECD countries.
All other OECD members (with the exception of Italy and Mexico) will experience real wage increases in 2018. Average real wage growth across the OECD will be 1.1%.
TUC research has shown that UK workers’ real wages are still lower than they were before the 2008 financial crisis. The average worker’s real wages are down over £1,200 a year on 2008.
Commenting on the news from the OECD, TUC General Secretary Frances O’Grady said:
“Boosting wages has to be a top priority for whoever gets the keys to Downing Street.
“British workers still haven’t recovered from the last financial crisis. The last thing they can afford is another hit on their finances.
“Britain badly needs a pay rise – working people must make their voices heard on Thursday.”
Notes to Editors:
- Real wage growth is derived from the statistical annex tables accompanying the June 2017 Economic Outlook: Compensation per employee (Table 17) is adjusted for price with the consumer price index (Table 15): bit.ly/2qVQQXL
Issued: 7 June, 2017