Average earnings’ value ‘down 15%’

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Published: Wednesday 31st December 2014 by The News Editor

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The real value of average earnings has fallen by 15% over the past six years, although in some parts of the country the figure is as high as 50%, according to new research.

A study by the GMB union found that mean gross annual pay for all employees went up by £1,134 to £27,271 between 2008 and 2014, but taking inflation into account it represented a drop of 15.1%.

The analysis of official figures showed that the biggest regional fall was in London at 23%, followed by Northern Ireland and Yorkshire and the Humber at 17%.

The area with the biggest drop was Hammersmith and Fulham in London, where the pay of local residents has fallen from £65,452 to £44,842, or 51%, said the report.

Other areas with large falls were Camden in London (33%), Sheffield (27%), Haringey and Harrow in London (about 26% each), Hartlepool and Bolton (both 25%).

Paul Kenny, general secretary of the GMB, said: “These figures are a damning and shocking indictment of how the Tories have run the economy and who has benefited from their time in office.

“It has been the bankers and financiers first and working people and their families last.

“This must change in 2015. If George Osborne is still in charge of the economy this time next year, Father Christmas will have to make half of his reindeers redundant and cut the pay of the elves by 25%.”

Published: Wednesday 31st December 2014 by The News Editor

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