UK real pay falls at fastest pace since 2010 financial crisis

UK pay has tumbled at the sharpest pace since 2010, adding further pressure to households already struggling with the cost of living crisis.

by | 26 Oct, 2022

Real wages adjusted for inflation fell 2.6% in the year to April, the sharpest drop since the 3.3% decline during the 2010 financial crisis, the Office for National Statistics (ONS) said.

Its survey of earnings on Wednesday revealed that the median UK wage was £640 a week in April, up from £610 the previous year. This was driven by the post-pandemic rebound of hospitality industries.

Wages in the accommodation and food services sectors rose the most on prior year, while companies in the service industry said they had to pay higher wages to entice more staff.

Read more at Yahoo Finance

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