TUC – UK economy remains in “dire straights”
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Working people would be £14,700 better off if wages had continued to grow at pre-crisis levels, says TUC
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Union body says 13 years of Tory government has “cost workers dearly”
Responding to today’s (Tuesday) ONS labour market figures TUC General Secretary Paul Nowak said:
“The UK economy remains in dire straights.
“Pay growth slowed sharply in October with real wages still worth less than in 2008.
“And unemployment is 200,000 higher than a year ago with vacancies falling for the seventeenth consecutive period.
“13 years of Conservative mismanagement has cost workers up and down the country dearly.
“The Tories have turned Britain into a stagnation nation. It is time for change.”
The TUC highlighted how if pay packets had grown at pre-crisis levels, workers would be on average £14,700 better off.
- ONS figures: Today’s ONS labour market figures are available at: https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/bulletins/uklabourmarket/december2023
- Pay growth: nominal pay fell to £620 a week in October after £622 in September, the first fall on the month since April 2020.
Real pay: While real pay has been rising, it remains £17 (2.7%) below where it was in 2008 (based on the CPI measure of inflation).
- Public sector pay: After two years of falling, real pay in the public sector has started to increase, but wages remain £39 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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