It was announced yesterday that MPs could receive a 30% pay rise, seeing their wages rise £20,000 a year to £86,000. Meanwhile, the average wage earner in the UK has seen their wages drop 20% in real terms since 2008. The government is certainly Making Work Pay…just not for 99% of the population.
The Wage Drop of the 99%
Increased access to personal debt (credit cards, loans, store cards, buy now pay later, hire purchase etc.) has been masking the expanding gulf between cost of living and wage inflation for decades.
In the ten years between 1999 and 2009, the annual salary rose 13.6%. During the same period, house prices went up 130%, a loaf of bread went up 147%, and a litre of petrol went up 42%. This goes some way to accounting for the fact that personal debt rose during this period…
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