Brits hoping for a new-year salary bump to offset soaring food and energy costs may be disappointed
. The average British worker’s pay in 2023 is expected to fall back to 2006 levels once inflation is taken into account, according to PwC. Real wages, which factor in inflation, are expected to fall by as much as 3% in 2022 and another 2% in 2023, PwC has predicted in a report on the UK economy shared with CNN. The report confirms that wages have stagnated in Britain even as inflation hits double digits, sparking the worst cost-of-living crisis in decades.
At the same time, increased immigration to the UK could directly contribute £19 billion to the economy, boosting GDP growth by 1% “even as the whole economy contracts,” PwC said. “Despite a contracting economy, the UK remains an attractive destination for workers,” PwC economist Jake Finney said in a statement. UK immigration levels reached a record 1.
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