Average earnings 'just £16 a week higher than they were 14 years ago'

Research carried out by the Resolution Foundation has found that real average earnings are just £16 a week higher than they were 14 years ago.

26 Jun 2024

Research carried out by the Resolution Foundation has found that real average earnings are just £16 a week higher than they were 14 years ago.

The Resolution Foundation said that the UK's labour market backdrop to the General Election is a 'prolonged pay squeeze' that has left real average wages today just £16 a week higher than in 2010. It stated that this has been caused by 'three shocks to pay packets', including the financial crisis, the Brexit referendum and the cost-of-living crisis.

According to the Resolution Foundation, in the 14 years prior to the 2010 election, average real wages grew by £145 a week in total.

Commenting on the issue, Hannah Slaughter, Senior Economist at the Resolution Foundation, said: 'Britain's prolonged pay depression has left average earnings just £16 a week higher than they were back in 2010, despite the welcome return of rising real wages in recent months.

'Worryingly, Britain's decade-long jobs boom during the 2010s has also gone bust, with the UK one of only a handful of countries where employment has yet to return to pre-pandemic levels.'