Fifteen years of lost wage growth has cost the average UK worker £10,700 a year, a damning new report into stagnation in Britain has found.
Wages are now back where they were during the financial crisis when the Tories first took office, and the UK is now lagging severely behind countries it would have once considered its peers.
Discussing the matter on ITV News, Tom Bradbury’s report on the matter makes for thoroughly depressing watching.
He starts: “Picture a country going backwards, where workers haven’t had a decent pay rise in 15 years, public services are on the verge of collapse, and the gap between rich and poor grows year on year”
“That is how Britain was described today in a bleak and damming assessment of its economy. The failure to achieve all but negligible growth has left the average worker, a simply staggering, £10,000 a year worse off”
“And we’re now lagging way behind countries we used to think of as equals. In Germany, middle income households are 20% richer than their peers in the UK”
“We’d be here all night if we listed the failings identified in the 290 page report. But put simply, in almost every sector, the UK is just not productive enough”
Watch the clip in full below: