Photograph by TCC
The majority of British workers have seen a real terms increase in their take-home pay over the last twelve months due to rising wages and tax cuts according to Prime Minister David Cameron.
The government has produced figures showing that all except the richest 10% of the population have seen their wages rise by 2.5% in real terms after tax cuts, including a rise in the personal allowance. This figure is just higher than the 2.4% inflation of the Consumer Price Index (CPI).
However, Labour has said that the statistics are “highly selective” and did not take into account swingeing cuts to benefits, maintaining that there is a standard of living crisis in the UK, as everyone continues to feel the squeeze on living standards since 2008.
The International Monetary Fund (IMF) upgraded its forecast for the UK’s economic growth for the year from 1.9% to 2.4% last week, but the real question is whether the public are feeling better off with more money in their pocket to spend.
2 Comments
I see the Tory propaganda is starting, must be close to an election year.
Hi,
Cameron: UK pay rising in real terms. Mr. Cameron is confusing advertising with arithmetic. Tax cuts take time to take effect. The cost of living being the counter balance which takes effect immediately. Wage increase in his watering can privatization is not respecting reciprocality in the service of greed and short term profit. Take example from the German Conservatives who are honest and have good industrial relations.