The real value of earnings is down by 14%

30 December 2013

money According to a study, the real value of your earnings has fallen - on average - by around 14% since the recession. Figures vary across the country, with some parts of the UK at more than 20%.

London is being hit particularly hard, where in some cases, the value of earnings has dropped by as much as 50%, according to the GMB union report which compared the of average earnings to the rise in RPI inflation.

Paul Kenny, general secretary of the GMB, said: "These alarming figures show how hard-pressed working people across the UK are struggling to pay their bills after years of wage decline and attacks on the living standards of families throughout the land. Working people deserve and need a decent pay rise to halt the drop in living standards."

So which are the worst areas in Britain according to the study? Here's the drop in average earnings top 10:

  • Hammersmith and Fulham in London (down 49%).
  • Camden in London (30%).
  • Haringey in London (26%).
  • Greenwich (24%).
  • Warrington (24%)
  • Sheffield (23%).
  • Windsor and Maidenhead (23%)
  • Harrow in London (23%).

Blackpool, Hartlepool and Portsmouth all saw a drop in average earning of 22% while Swindon, the Scottish Borders and Walsall were all at 20%.

TOPICS:   Economy

1 comment

  • Ian M.
    What will make people realise they at being conned? How much will they allow to be drained before they do anything? The only solution I recommend, which as been featured in the national media a few times, is the solution offered by Positive Money UK.

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