Wednesday 28 November 2018 2:00 AM UTC
LONDON Nov 28: Workers in Britain have seen the weakest real wage growth among the most advanced nations in the G20, according to United Nations data revealing the scale of the damage in the UK’s “lost decade” for pay.
According to the UN’s International Labour Organization, Britain ranked bottom from a group of nine wealthy nations for its pay performance since 2009, after the financial crisis hit.
Suffering a loss in real wage growth – which strips out the effect of inflation – of about 5% between 2008 and 2017, the UK ranked slightly worse than Italy and far behind other major G20 nations such as the US and Germany. South Korea saw the strongest real wage growth at 15%.
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The figures provide an international comparison for the damage to living standards in the UK since the financial crisis, which has been described by Andy Haldane, the chief economist at the Bank of England, as a “lost decade” for workers.
Speaking last month, Haldane said that the growth of insecure and poor quality work in the gig economy had contributed to the poor performance, while the decline of the trade unions and sluggish growth in productivity had also had an impact.
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