Find out how much less your wage packet is worth now in real terms than it was in 2007
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If you find yourself counting down the days until payday each month, you’re not the only one. A new survey has revealed that across the East of England, wages are just over 90% of what they were in 2007 - although some parts of Suffolk and Essex have fared much better than others.
A study of official data by GMB has shown that in the East of England, the mean gross annual pay of full-time workers in 2007 was £32,134. In 2018 that figure was £39,412, which when you factor in inflation at 36.17%, saw a decrease in pay of 9.9%.
But that’s still a better situation than in other parts of the UK, Over the same period the decrease in earnings in the United Kingdom was 10.4%.
In 2007 full-time workers mean gross annual pay in the UK was £30,015. By 2018 the figure was £36,611. After inflation, this is just 89.6% of what workers were earning in 2007.
If the wage levels seem high, it’s because it doesn’t include the much lower pay that part time workers earn - and it’s the mean pay that’s been calculated, not the median.
The average salary including part time workers is £26,500, which is down £164 since 2012.
The biggest decreases in the East of England region were in areas closer to London, with Epping Forest at 72.4% showing the biggest drop in wages in real terms.
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When it comes to Suffolk and North Essex, the data revealed stark differences - in Braintree, real wages were deemed to be 84.3% what they were in 2007, in Suffolk Coastal 86.1% and in Ipswich, wages were only slightly off the 2007 levels at 95%.
Maldon was the only area of Suffolk and North Essex that saw earnings increase over the 11-year period.
The data comes from a new study by GMB London Region of official data from the Office of National Statistics (ONS) for 42 councils in East of England.
It compares full-time workers mean gross annual pay in 2007 and 2018, followed by 2018 earnings as a percentage of 2007 earnings after inflation.