10 years on from the financial crash workers suffer as bankers thrive

Bankers have seen their pay increase by 9.3 per cent since 2009 as average wages fall by 3.1 per cent, new figures show.

In the ten years since the financial crash the typical worker has been left nearly £1,000 worse off a year in real terms, the Trades Union Congress found.

But the typical worker in finance or insurance has seen their pay increase by 9.3 per cent in a decade, giving them an extra £119 a week or £6,188 a year.

TUC general secretary Frances O’Grady said: “It’s not right that pay is racing ahead in the City when most working people are still worse off than a decade ago.

“The architects of the financial crisis are earning record amounts as teachers and nurses struggle to get by.”

Average earnings for staff in health, social work and education fell by 7.6 per cent, leaving them £1,872 a year worse off, the TUC figures show.

Staff in food and drink manufacturing faced a 9.1 per cent cut — worth £2,704 a year.

The TUC is calling for a £10 national minimum wage and for workers to be elected on to wage-setting committees.

It has urged ministers to lift a pay rise cap on public sector employees to higher levels above inflation.

The Treasury said: “Wages continue to grow faster than inflation. Last month we increased the National Living Wage by nearly five per cent to £8.21 an hour.”

The Treasury said: “Wages continue to grow faster than inflation. Last month we increased the National Living Wage by nearly five per cent to £8.21 an hour.”

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