UK Incomes Struggle As Recent Rises Peter Out
Industry News | 27/06/19
Average UK incomes continue to struggle in 2019, with regular real pay, as of April, 1.1% lower than the pre-crash peak in February 2008 and total real pay (i.e. including bonuses) 5.5% below, according to the June 2019 Money Statistics, produced by The Money Charity.
Real pay, calculated by adjusting money wages for changes in prices, acts as a measure of the purchasing power of average earnings. If real earnings fall, people (on average) can buy fewer goods and services whereas if real earnings rise, people can buy more. A number of steep falls in real pay have been seen since the 2008 crash, and despite a significant rise in average real pay in mid-2018, this has flattened out since January 2019, suggesting these increases have now petered out.
Source: The Money Charity
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