UK Wages Fall 1.6% in Real Terms in 2014

British workers suffered a sixth straight year of falling real pay in 2014, taking earnings back to levels last seen at the turn of the century, according to official figures.

Pay, when adjusted for inflation, was 1.6% lower this year than in 2013, the Office for National Statistics said in its annual survey of hours and earnings.

Weak wage growth has persistently been outstripped by inflation meaning workers have seen their real pay fall every year since 2008, back to the levels they were paid in the early 2000s.

Median gross weekly earnings for full-time employees barely grew this year, rising by just £1 to £518 in April 2014 compared with 2013. It was the smallest rate of growth since the ONS started the survey 17 years ago.

via The Guardian

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza