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Loan charges: Real wage fall leaves British workers £6,000 out of pocket

Thanks to the failure of wages to keep abreast of rising prices, the average British worker will be left around £6,000 out of pocket by 2014, according to new analysis.

The Trades Union Congress (TUC) calculated that a person on a salary of around £25,000 has already lost as much as £4,000 since December 2009, which was the point when earnings first dropped behind inflation.

Real wage growth was anticipated to return in 2013, but the Office for Budget Responsibility has pushed this back to 2014, ensuring that workers will now lose a further £2,000 in 2013, bringing the total to £6,000 and leaving Brits unable to afford outgoings such as loan charges.

For those in the public sector, the loss is likely to be worse, the TUC continued, because their pay has been frozen for the previous few years and capped at one per cent for another two years.

"This massive squeeze on earnings, combined with sharp cuts to vital welfare benefits and tax credits, is hurting millions of people with food, transport and energy bills taking up an even larger share of family budgets," said TUC general secretary Frances O'Grady.

Samantha Clarke
Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801522352-ADNFCR

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