Chancellor of the Exchequer Jeremy Hunt is set to unveil sweeping tax rises (Victoria Jones/PA)
(Picture: PA Wire)The great squeeze on people’s pay packets continued on Tuesday as official figures showed the biggest quarterly drop in real earnings since the financial crisis.
Data from the Office for National Statistics revealed that while average total pay actually grew by 6 per cent between July and September, it fell by 3.7 per cent once the benchmark CPI measure of inflation was taken into account. When it came to regular pay — which excludes bonuses — there was a real terms fall of 3.8 per cent on the year, the ONS added.
