{"id":1383677,"date":"2022-03-16T09:21:34","date_gmt":"2022-03-16T13:21:34","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1383677"},"modified":"2022-03-16T09:21:39","modified_gmt":"2022-03-16T13:21:39","slug":"inflation-nation-uk-sees-largest-decline-in-wages-since-2014","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/inflation-nation-uk-sees-largest-decline-in-wages-since-2014\/","title":{"rendered":"Inflation Nation: UK Sees Largest Decline in Wages Since 2014"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Finflation-nation-uk-sees-largest-decline-in-wages-since-2014%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1383677&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><\/div>\n<p class=\"subheading\">Wages in Britain have seen the sharpest decline in real terms since 2014 as the impact of inflation grips the nation, the Office for National Statistics (ONS) revealed on Tuesday.<\/p>\n<p>According to the UK government\u2019s official statistician, wages \u2014 excluding bonuses \u2014 rose by 3.8 per cent in the three months leading up to January, yet the gains were entirely wiped out by rising inflation.<\/p>\n<figure id=\"D-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"M-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"gmxrevmore\" class=\"H\"><\/figure>\n<p>While the previous reporting period saw inflation wipe out wage gains to zero, the latest figures show that in real terms the average Briton saw their wages actually decline by one per cent when counting the impacts of inflation, the sharpest such decline since 2014.<\/p>\n<p>Commenting on the figures, the general secretary of the Trade Unions Congress (TUC), Frances O\u2019Grady <a href=\"https:\/\/www.theguardian.com\/business\/2022\/mar\/15\/uk-unemployment-covid-inflation-wages-prices-energy-bills\">said<\/a> that the government should introduce support measures for workers in next week\u2019s spring statement from Chancellor of the Exchequer Rishi Sunak.<\/p>\n<p>\u201cWorking people deserve financial security and a wage they can live on. But instead, they are facing the steepest decline in real pay for eight years, and a cost of living crisis that will get worse if the government doesn\u2019t act now,\u201d O\u2019Grady said<\/p>\n<figure id=\"M-ROS-B2\" class=\"a8d\"><\/figure>\n<p>\u201cEnergy bills will rise at least <a href=\"https:\/\/www.breitbart.com\/europe\/2022\/03\/15\/uk-energy-bills-rise-14-times-faster-than-wages-amid-green-push-sanctions-war\/\">14 times faster than wages<\/a> this year. Household budgets are already stretched to the brink and can\u2019t take any more,\u201d she added.<\/p>\n<p>While the government has been facing widespread calls to increase spending to alleviate the energy and household spending crunches, others have questioned why the Conservative government is steadfastly refusing to reduce the tax burden, which has climbed to a seventy-year high under Prime Minister Boris Johnson\u2019s government.<\/p>\n<p>The government has argued that it is necessary to increase taxes, including the hike on national insurance payments \u2014 a tax on income \u2014 is necessary in order to prop up the country\u2019s socialised healthcare system in light of massive backlogs incurred during the Chinese coronavirus crisis.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Farage: End Hidden Green Subsidies Going to \u2018Wealthy Landowners\u2019, as Inflation Hits the Poorest<a href=\"https:\/\/t.co\/ILDWiTyPti\">https:\/\/t.co\/ILDWiTyPti<\/a><\/p>\n<p>\u2014 Breitbart London (@BreitbartLondon) <a href=\"https:\/\/twitter.com\/BreitbartLondon\/status\/1503404336277245958?ref_src=twsrc%5Etfw\">March 14, 2022<\/a><\/p>\n<\/blockquote>\n<p>Despite the soaring cost of energy, the government has also refused to cut taxes on electricity, even though some thirty per cent of average household electricity bills are devoted towards either subsidies for so-called green energy firms or direct taxes to the government. Boris Johnson had once even claimed cutting taxes on energy could be a benefit of Britain leaving the European Union, but now he\u2019s in government <a href=\"https:\/\/www.itv.com\/news\/2022-01-05\/pm-refuses-to-cut-vat-on-energy-bills-despite-brexit-promise-that-he-would\">he has changed his tune<\/a>.<\/p>\n<figure id=\"M-ROS-B3\" class=\"a8d adSo\"><\/figure>\n<p>The latest inflation figures come from before the war in Ukraine, meaning that the inflation hit on wages will only increase. Indeed, a <a href=\"https:\/\/www.breitbart.com\/europe\/2022\/03\/14\/ripoff-britain-farage-says-green-subsidies-prop-up-wealthy-landowners\/\">report<\/a> released this week from the Resolution Foundation think tank warned that there could be a \u201csecond peak\u201d of as much as 8 per cent inflation in Britain by the Autumn.<\/p>\n<p>The think tank went on to warn that the poorest citizens will likely face real level inflation rates of 10 per cent, due to the outsized spending on food and fuel in their household budgets.<\/p>\n<p>The figures also come ahead just two days before the Bank of England is set to announce its latest interest rate decision, which is <a href=\"https:\/\/news.sky.com\/story\/pay-squeeze-deepens-as-wages-fall-by-1-in-real-terms-12566518\">expected<\/a> to be raised from\u00a00.5 per cent to 0.75 per cent in the hopes of curbing inflation.<\/p>\n<p>There were some signs of optimism within the UK economy in the latest ONS release, however, which noted that unemployment falling slightly more than expectations, from 4.1 per cent to 3.9 per cent, with the number of people out of work at 1.34 million, which is the first time the figure fell below pre-pandemic levels.<\/p>\n<p>Responding to the release, Chancellor Rishi Sunak said: \u201cThanks to the unprecedented economic support we\u2019ve provided, we\u2019ve now seen a year of falling unemployment and a stronger jobs market bounce back than so many predicted.<\/p>\n<p>\u201cI am confident that our labour market is in a good position to deal with the current global challenges, with payrolled employee numbers above pre-pandemic levels in every nation and region and redundancies at record lows.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">UK Energy Bills to Rise 14 Times Faster than Wages Amid Green Push, Sanctions War<a href=\"https:\/\/t.co\/Upeyhv9WMM\">https:\/\/t.co\/Upeyhv9WMM<\/a><\/p>\n<p>\u2014 Breitbart London (@BreitbartLondon) <a href=\"https:\/\/twitter.com\/BreitbartLondon\/status\/1503717657958252552?ref_src=twsrc%5Etfw\">March 15, 2022<\/a><\/p>\n<\/blockquote>\n<p><em><strong>Follow Kurt Zindulka on Twitter here <a href=\"https:\/\/twitter.com\/KurtZindulka\">@KurtZindulka<\/a><\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Wages in Britain have seen the sharpest decline in real terms since 2014 as the impact of inflation grips the nation, the Office for National Statistics (ONS) revealed on Tuesday.<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1383677","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1383677","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1383677"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1383677\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1383677"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1383677"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1383677"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}