Real wages saw their sharpest decline on record in Britain when considering inflation, the Office for National Statistics revealed on Tuesday.
Regular pay, which excludes additional forms of salary, such as bonuses, fell by an average of 3.7 per cent in real terms in the three months up to May, representing the largest decline since such records began in 2001, the ONS. While real wages fell slightly slower in May than in April, 3.9 to 4.5 per cent respectively, it was still worse than any other time recorded.
While regular pay wages actually increased by 4.3 per cent in the three months to may, however, this was eliminated by the increasing cost of living. Inflation also hit a new 40-year-high in May of 9.1 per cent, with forecasts predicting further rises into the Autumn when the energy price cap is expected to be lifted once again. In effect, while wages rose, the cost of things that people have to buy to live rose so much higher at the end of the period people were effectively worse off.
“Following recent increases in inflation, pay is now clearly falling in real terms both including and excluding bonuses,” said David Freeman, head of labour market and household statistics for the ONS.
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