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Average earnings plummet by 13.8pc

Ryan Fowler

March 5, 2014

There was a 13.8% fall in the real value of average earnings during the recession.

UK gross domestic product dropped per head by 5.7% at £25,326 in 2007 to £23,894 in 2013, which GMP state this is the root cause of the real value of average UK earnings dropping so dramatically.

Paul Kenny, GMB general secretary, said: “These alarming figures show how hard pressed working people across the UK are struggling to pay their bills after years of wage decline and attacks on the living standards of families throughout the land.

“Working people deserve and need a decent pay rise to halt the drop in living standards.”

The drop in the real value of average earnings between April 2008 and November 2013 for employed London residents was 20.4%, the largest regional fall in the UK.

Yorkshire and The Humber dropped by 15.4 %, followed by South East and the East Midlands at 14.4%, while Scotland and the North East dropped by 9.9% and 8.6%.

Between April 2008 and November 2013 inflation was 17.8%.


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