The stagnation of
real wages over time, despite impressive economic growth, is something easily sensed but rarely published.
In 2016, the
real wages of Slovaks were 63 percent higher than they were in 1993 and in 2017, Slovaks earned roughly 73 percent more.
If firms and workers negotiate in terms of money wages, rather than
real wages, then the amount of money in the economy is extremely important.
In its latest analysis, the leading thinktank said it was expecting zero growth in
real wages over the course of 2018 as a whole.
Mr Adams said ONS data showed that taking inflation into account,
real wages had fallen for the fourth month running while workers in Yorkshire continued to get fewer paid hours compared to this time last year - with the region at the bottom of the league table for hours worked.
General Secretary Frances O'Grady said: "Ministers must set out a plan to get
real wages rising across the public and the private sectors.
When either of these alternative measures of inflation is used to construct the time series of
real wages for low- and middle-income households, these wages display a more positive trend than when they are deflated using the CPI-U.
With the Bank of England holding interest rates at a record low level and wage growth stagnant, it all points to a contraction in
real wages and a potential slowdown in the UK's economic output.
The TUC said
real wages, taking into account inflation, were on course to fall by 0.
Using Organisation for Economic Cooperation and Development (OECD) data the TUC found that over the same 2007-2015 period,
real wages grew in Poland by 23%, in Germany by 14%, and in France by 11%.
According to a report by the TUC,
real wages have fallen 10 per cent in Britain since the financial crisis , a worse decline than any other advanced country apart from Greece.
However, low inflation means that
real wages in the U.
