December 5 2013 Latest news:
Friday, September 6, 2013
Business leaders have cited the economic downturn as a new report showed that the average hourly wage for workers in the region has fallen by nearly 7% since 2007.
As part of its “Britain Needs a Pay Rise” campaign, the Trades Union Congress (TUC) has released its analysis of official figures comparing hourly pay rates in 2007 with those in 2012.
The wage squeeze in the East of England comes from a 6.8% drop in the hourly rate and a £33.83 fall in the weekly pay packet.
This is slightly above the national average fall of 6.3% – a loss of £30.30 from the weekly wage of full-time employees. In Suffolk the hourly pay has gone down by 4.9% and the weekly wage by £21.54. Essex has fared worse – the hourly rate has fallen by nearly 8% and the weekly wage has gone down by more than £41.
The Suffolk and Essex chambers of commerce both said the impact of the economic downturn was still being felt by employees and employers.“There is no doubt that the economic challenges faced by the economy have affected everyone wherever they are in the labour market and this data shows just that,” said John Dugmore, chief executive of Suffolk Chamber of Commerce.
David Burch, director of policy at the Essex Chambers of Commerce, added: “We did go through a major economic crisis in 2008/9 which we are only now starting to come out of and during that period many businesses were just focussing on survival and were unable to give staff pay rises at all and were cutting the levels of pay rises.”
TUC general secretary Frances O’Grady said families across East Anglia are still really struggling to make their money go far enough and are often having to go into debt just to get by.