14.06.2022, 13:41
British Real Earnings Fell 3.4% in April for the First Time in 21 Years
Source: OREANDA-NEWS
OREANDA-NEWS Real wages in the UK fell by a record 3.4% in April for the first time in 21 years due to rising inflation. It is reported by Bloomberg.
Average earnings excluding bonuses in April were 3.4% lower than in the same period in 2021. This was the biggest drop in 21 years. The decrease in real wages for three months amounted to 2.2%, which is also a record figure for the last 11 years, the agency noted.
At the same time, in April, wage growth amounted to 4.1%, which was only half the inflation rate in the country.
Experts agreed that the situation with the level of wages will only worsen, and real wages will decline due to the rapid growth of inflation. The hardest hit are public sector workers, whose real wages fell by almost 6%. This has created a situation where millions of workers have to choose between paying bills and buying food for their families.
At the end of May, the Financial Times reported that swimming pools in the UK could close due to debt and the energy crisis. According to one of the largest operators in the industry, Swim England, about half of the 4,000 swimming pools in Britain will close by 2030 due to depreciation of the infrastructure and the impracticality of repairs. Rising electricity prices have been added to the list of problems.
Average earnings excluding bonuses in April were 3.4% lower than in the same period in 2021. This was the biggest drop in 21 years. The decrease in real wages for three months amounted to 2.2%, which is also a record figure for the last 11 years, the agency noted.
At the same time, in April, wage growth amounted to 4.1%, which was only half the inflation rate in the country.
Experts agreed that the situation with the level of wages will only worsen, and real wages will decline due to the rapid growth of inflation. The hardest hit are public sector workers, whose real wages fell by almost 6%. This has created a situation where millions of workers have to choose between paying bills and buying food for their families.
At the end of May, the Financial Times reported that swimming pools in the UK could close due to debt and the energy crisis. According to one of the largest operators in the industry, Swim England, about half of the 4,000 swimming pools in Britain will close by 2030 due to depreciation of the infrastructure and the impracticality of repairs. Rising electricity prices have been added to the list of problems.
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