Pay rises for the top 10% of UK earners, including City bosses, have clearly outstripped those for the rest of the workforce and been prime drivers of recent inflation and soaring interest rates, according to new analysis of official figures.
Analysis by the TUC of official figures also shows that workers among the top 1% of earners, with an annual income of at least £180,000, were paid 7.9% more than last year, up from 3.7% in January.
By contrast, those who are paid £59,000 a year saw the rate of their wage rises fall from 7.2% to 5.5% a year, while workers receiving £26,300 a year saw an even bigger fall in annual wage rises, from 9.5% in January to 4.7% in April.
Let’s assume that all inflation is from nothing but pay rises. Just to illustrate. Let’s also assume that inflation is 10%.
I get wrid results tryint to work this out but the £180k is top 1%, £59k is top 10% and £26k is median – or we could say the 90%. In the effect upon inflation the 7.9% for the 1% is obviously trivial against the 4.7% for the 90%, no?
So it’s not in fact true that the pay driven inflation is being driven by pay rises for the 1%. Cannot be – they’re 1%, recall?