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UK Faces ‘Pay Disaster’ as Living Standards Plummet (report)
The decline - which will see inflation leap to 13% but wages increase only 5.25% - has not been so severe and ongoing since the 1920s, a report by the Trades Union Congress stated, a fall of 7.75% in living standards.
The Union warned that the 8% fall was not “a wage-price spiral, it’s a real pay disaster”. General Secretary Frances O’Grady called on the government to get the economy “back in balance”, stressing “too much goes into profits and to those who are already wealthy”.
The UK is currently facing a cost-of-living crisis - soaring food and energy prices are crippling household budgets and a winter energy crisis looms.
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