Record wage cuts in Britain

Britain’s unemployment rate remains close to its lowest level in 50 years, and inflation, the highest in decades, is leading to a record drop in wages, according to official data released on Tuesday.

The Office for National Statistics reported that the unemployment rate reached 3.8 percent in the three months to the end of May, the same level as the previous quarter, and job opportunities remained at record levels.

David Freeman, director of labor market statistics at the Office for National Statistics, pointed out that the demand for labor is “still clearly very strong” after the lifting of anti-Covid restrictions, but “after the recent rise in inflation, wages are now declining in their real value, be it with or without incentives.

“If stimulus is excluded, real wages are now falling faster than at any time since records began in 2001,” he said.

Source: AFP.

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