TUC: UK economy in “relegation zone”
“Our economy is in the relegation zone.
“Unemployment remains 225,000 higher than a year ago with vacancies continuing to decline.
“Working people are far worse off than they were when the Conservatives took office.
“If pay packets had been growing at pre-crisis levels, workers would be on average nearly £15,000 better off. And across parts of the economy, real wages are still shrinking.
“The Conservatives’ economic mismanagement is costing people their jobs and livelihoods. It's time for change.”
- ONS figures: Today’s ONS labour market figures are available at: https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/bulletins/uklabourmarket/november2023
- Real pay: While real pay is now rising, it is still falling in some sectors, including retail, hospitality and construction. Despite real weekly pay now rising, it remains £14 (2.3%) below where it was in 2008 (based on the CPI measure of inflation). The only sector to have seen pay growth since 2008 is finance and business.
- Public sector pay: After two years of falling, real pay in the public sector has started to increase, but wages remain £41 per week lower on average than they were in May 2010.
- About the TUC: The Trades Union Congress (TUC) exists to make the working world a better place for everyone. We bring together the 5.5 million working people who make up our 48 member unions. We support unions to grow and thrive, and we stand up for everyone who works for a living.
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