Real wages fell at a record rate in the past 12 months as Britain’s cost-of-living crisis took hold and inflation slashed the value of workers’ pay, official figures show.
Pay including bonuses declined 2.5 per cent, when the effect of rising prices is taken into account, while regular pay dropped 3 per cent, the Office for National Statistics said.
ONS director of economic statistics Darren Morgan said: “The number of people in work grew in the second quarter of 2022, whilst the headline rates of unemployment and of people neither working nor looking for a job were little changed.
“Meanwhile, the total number of hours worked each week appears to have stabilised very slightly below pre-pandemic levels.
“The real value of pay continues to fall.
“Excluding bonuses, it is still dropping faster than at any time since comparable records began in 2001.”
ONS director of economic statistics Darren Morgan said: “The number of people in work grew in the second quarter of 2022, whilst the headline rates of unemployment and of people neither working nor looking for a job were little changed.
The number of UK workers on payrolls rose by 73,000 between June and July to 29.7 million, the Office for National Statistics said
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