UK workers are set to receive the worst pay rises out of all the G7 countries, a new report has warned.
According to the Trade Unions Congress (TUC) report, when adjusted for inflation salaries are going to decrease by 6.2% over the next two years. That means the average worker will lose £1750 from their take-home pay.
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France, Germany, Italy, the US, Canada and Japan will all see their real-terms pay grow faster, the figures – based on research from the Organisation for Economic Co-operation and Development – show.
After the UK, Italy’s economy will be the next worst effected with a -3.8% drop in real wages over the next two years.
BREAKING 🚨📉: UK workers will experience the WORST fall in wages out of all the G7 countries:
— Trades Union Congress (@The_TUC) July 15, 2022
🇺🇸 0.6%
🇫🇷 0.5%
🇯🇵 -0.1%
🇨🇦 -2.3%
🇩🇪 -3.0%
🇮🇹 -3.8%
🇬🇧 -6.2%
Britain urgently needs a pay rise.
The US is set to see real wage growth at 0.6% and France is not far behind on 0.5%.
It comes after a previous TUC report found that the average UK worker lost £20,000 in real earnings between the financial crash and the pandemic.
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According to Frances O’Grady, the general secretary of the TUC, workers here are “suffering the worst pay squeeze in the G7 and the longest in modern history”.
She went on: “Having repeatedly promised a high-wage economy, the Conservatives have consigned Britain to the bottom of the league for pay growth.
“Years of standstill wages have left households brutally exposed to this cost-of-living crisis.
“The number one priority for Tory leadership candidates should be to get pay rising across the economy.”
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