‘Britons earning less than in 2001’

January 31st, 2015

David Schulberg

The Institute for Fiscal Studies (IFS) released a report on Friday, saying British wages in the third quarter of 2014 were one percent less than in the same period 13 years earlier, after taking into account inflation.

The data also indicate that British people’s earnings declined by 5 percent between 2008, when Europe plunged into a financial crisis, and the third quarter of 2014.

Furthermore, the study shows that between 2008 and 2014, earnings among the country’s young people experienced the biggest fall, down by 9 percent for those aged between 22 and 29.

The IFS further raised concerns over falling incomes, saying a slow wage growth could be a problem for the government as it receives less funds from income tax than expected.

Rachel Reeves, Shadow Work and Pensions Secretary said the newly released figures show Prime Minister David Cameron “has overseen falling wages and rising insecurity in the labor market,” adding “working people are £1,600 worse off a year” under Cameron’s leadership.

Source Article from http://english.irib.ir/news/world/europe/item/203902-‘britons-earning-less-than-in-2001’