Wage stagnation leaving workers £11,000 worse off per year, data finds

20 Mar 2023

Data published by think tank the Resolution Foundation has found that fifteen years of stagnating wages have left UK workers £11,000 worse off per year.

According to the data, typical UK household incomes have fallen considerably when compared to other European countries such as Germany. It revealed that the gap stood at £500 in 2008, compared to £4,000 now.

The Resolution Foundation stated that rising costs and stagnating wages mean that millions of workers have effectively had a pay cut.

Responding to the findings, a Treasury spokesperson said that the government is increasing investment incentives and highlighted low unemployment figures as a sign that the UK is on the right track.

Torsten Bell, Chief Executive of the Resolution Foundation, said: 'Nobody who's alive and working in the British economy today has ever seen anything like this. This is definitely not what normal looks like.'