UK workers are set to receive the worst pay rises out of all the G7 countries, a new report has warned.
According to the Trade Unions Congress (TUC) report, when adjusted for inflation salaries are going to decrease by 6.2% over the next two years. That means the average worker will lose £1750 from their take-home pay.
France, Germany, Italy, the US, Canada and Japan will all see their real-terms pay grow faster, the figures – based on research from the Organisation for Economic Co-operation and Development – show.
After the UK, Italy’s economy will be the next worst effected with a -3.8% drop in real wages over the next two years.
BREAKING 🚨📉: UK workers will experience the WORST fall in wages out of all the G7 countries: 🇺🇸 0.6% 🇫🇷 0.5% 🇯🇵 -0.1% 🇨🇦 -2.3% 🇩🇪 -3.0% 🇮🇹 -3.8% 🇬🇧 -6.2% Britain urgently needs a pay rise.
— Trades Union Congress (@The_TUC) July 15, 2022
The US is set to see real wage growth at 0.6% and France is not far behind on 0.5%.
It comes after a previous TUC report found that the average UK worker lost £20,000 in real earnings between the financial crash and the pandemic.
According to Frances O’Grady, the general secretary of the TUC, workers here are “suffering the worst pay squeeze in the G7 and the longest in modern history”.
She went on: “Having repeatedly promised a high-wage economy, the Conservatives have consigned Britain to the bottom of the league for pay growth.
“Years of standstill wages have left households brutally exposed to this cost-of-living crisis.
“The number one priority for Tory leadership candidates should be to get pay rising across the economy.”
