Real wages in Britain are still falling even as workers in Germany and France see their wages rebound, new figures show.
The UK is the only European G7 country where incomes continued to fall last year after adjusting for inflation, according to the Organisation for Economic Co-operation and Development (OECD).
Figures published on Wednesday show average real income in Britain dropped by 0.6pc between July and September as soaring inflation chipped away at purchasing power.
Just a thought. And I don’t know the answer here. But did the UK do more QE/MMT than other places, relative to the size of the economy? If so, could that be something of a clue?
UK decided to increase payroll tax by 1.25% in April 2022. This will be reflected in smaller wage increases, reducing headline pay rates by about 1.25%. If it weren’t for that, wage growth would have been around +0.6% instead of -0.6%.