The LRD's annual earnings survey finds that average earnings growth is on the floor with little improvement in pay settlements over the past 12 months: 'Since the 2008-09 recession, the UK has experienced a “historically unprecedented” fall in the value of earnings compared with consumer price (CPI) inflation, even more compared with retail price (RPI) inflation. The latest figures show average weekly earnings growth of just 0.7%. The Bank of England’s chief economist Andy Haldane described the current position as “an extended period of agony [that] is virtually unprecedented”.
Part of the problem is that the minority of workers who’ve not been in continuous employment since the recession have seen little or no growth in their earnings, but that seems to be dampening down the wider labour market. As the TUC put it, the economy is proving to be “very good at creating low-paid jobs, but struggling to create the better-paid work”.'
http://www.lrdpublications.org.uk/publications.php?pub=WR&iss=1742&id=idp2055280
