WHY WAGES MATTER

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by Edward Grierson

It goes without saying that the current wage situation in the UK is not good. Following the disastrous speculation on the banks’ behalf that led to the recession, real wages for UK workers fell by 10.4% from 2007-2015, a decline only matched by Greece. Even worse has been the combination of this wage drop with the continued pay gap between employees and the people who employ them: as of 2015, the salary of a UK CEO was nearly 130 times that of the average UK worker’s salary.

The reason why this is a concern, why we should be worried about falling wages, surely is obvious.Continue Reading