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News Article

PM Failed To Take Action On Falling Wages

Mar 19, 2018

The Chancellor of the Exchequer Philip Hammond extolled the latest employment figures in his Spring Statement earlier this week, but failed to say anything about declining salaries for many people in the country.

Hammond came under attack from the Trades Union Congress (TUC) for not mentioning that real wage growth in 2018 is anticipated to be just 0.3 per cent. According to a forecast, salaries in 2022/23 will, therefore, be lower than before the financial crisis in 2008.

General secretary of the TUC Frances O’Grady said: “The Chancellor had nothing to say to workers hit by falling wages, to communities where there are few decent jobs, or about our public services stretched to breaking point 

She stated that Hammond should give “public servants a proper, funded pay rise”, also suggesting he set up a National Investment Bank to boost infrastructure in communities where there is low productivity.

“This would attract new business and create better-quality, better-paid jobs,” Ms O’Grady commented.

In the Spring Budget, the MP simply stated that the OBR expected wages to increase faster than prices for the next five years, but he failed to address concerns about real wage growth.

Instead, the statement revealed employment levels have risen by three million since 2010. This means 1,000 people are finding jobs every day, and the OBR predicts half a million more people will be in employment by 2022.

The government also reported that unemployment levels are nearly at a 40-year low.

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