The UK has suffered the biggest drop in average real wages of any OECD country except depression-wracked Greece, according to a pre-general election analysis published by the London School of Economics.
The LSE’s Centre for Economic Performance (CEP) uses OECD data to show that average wages for British workers, when adjusted for inflation, fell by more than 5 per cent between 2007 and 2015,
The only member of the OECD group of nations that saw a worse performance was Greece, which has seen its economy shrink by around a quarter since 2008, thanks to massive austerity and the prospect of the country crashing out of the eurozone.
Real wages in the UK began to grow again in 2015 and 2016 as inflation fell to below zero.
But the spike in consumer prices in recent months, owing to the the slump in the value of sterling in the wake of last June’s Brexit vote, means that …
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