Workers in the UK have experienced the biggest fall in real wages of any leading economy, research from the Trades Union Congress (TUC) has suggested.
The TUC’s report revealed that real earnings in the UK fell by 10.4% between 2007 and 2015. Only Greece experienced the same level of wage decline.
In contrast, real wages grew by 23% in Poland, 14% in Germany and by 11% in France during the same period.
Across Organisation for Economic Cooperation and Development (OECD) countries, real wages increased, on average, by 6.7%.
Frances O’Grady, General Secretary of the TUC, commented: ‘Wages fell off the cliff after the financial crisis and have barely begun to recover.
‘This analysis shows why the Government needs to invest in large infrastructure projects to create more decent, well-paid jobs. Other countries have shown that it is possible to increase employment and living standards at the same time.’
However, the Treasury said that the research did not fully reflect living standards.
A Treasury spokesperson stated: ‘Living standards have reached their highest level and wages continue to rise faster than prices – and will be helped by the new National Living Wage.’