The Conference of British Trade Unions has warned of the biggest fall in UK wages in 100 years as a result of rising inflation and the cost of living.
The Bank of England expected UK inflation to rise to 13% in the fourth quarter of this year and wages to rise by 5.25% over the same period.
The Trades Union Congress indicated that this would mean a 7.75% drop in wages, the biggest drop since the 1920s.
“The size of the wage cuts is unprecedented and, according to quarterly data, this is the largest decline in 100 years,” the union conference report says.
The Bank of England predicted an economic downturn in Britain throughout 2023, and the country could lose more than a million jobs as a result of the crisis.