Many news outlets have reported a “record” fall in real wages. The latest fall in wages is certainly very large, but there was a larger fall in total wages in 2009.
—have reported a “record” fall in real wages in the latest figures from the Office for National Statistics .
The latest fall in real wages is certainly very large. And it could be called a record, at least within the official data going back to 2001, if you are talking only about wagesHowever it is not a record if you look at people’s total wages, including bonuses, becauseIt also may not be the largest fall that has ever happened, with historic data showing very deep falls in real wages in the 1970s, although this can’t be directly compared to the regular pay figures now.
, published on 16 August, the ONS said that average total earnings grew—in cash terms—by 5.1% in the year to April-June 2022. However, because of the very high level of inflation, as measured by the Consumer Prices Index including owner-occupiers’ housing costs (
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