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Work Foundation - More bad news for workers as real wages fall by a record 3%

Ben Harrison, Director of the Work Foundation responds to the Labour market overview August 2022 released by the Office for National Statistics

“Ahead of next week’s energy price cap announcement, there is more bad news for workers as real wages fell by a record 3% on the year. With inflation at 9.4%, and the Bank of England predicting it will peak at 13% in early 2024, people across the UK are facing more tough decisions as their regular pay fails to keep pace with rising prices. 

“The six million workers in severely insecure jobs will be hardest hit and are already running out of options. Many have already tried to find more hours work and cutback spending but continue to face great uncertainty. 

“With fuel bills about to soar again, hardworking families cannot wait any longer. The Prime Minister must return from holiday and agree a comprehensive package of support with the two Conservative leadership candidates.” 

Labour market overview August 2022

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