Britons Face ‘Dreadful’ Decade of Wage Stagnation, IFS Says
- IFS says real wages set to be lower in 2021 than in 2008
- Says stretch of wage stagnation could be longest in 70 years
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British workers are facing the longest period of wage stagnation in at least 70 years as faster inflation and lower productivity eat into pay packets, the Institute for Fiscal Studies said.
Real earnings in 2021 are on course to be below their level in the 2008 financial crisis, the London-based research group said. It said Office for Budget Responsibility forecasts published Wednesday suggest real earnings will be 3.7 percent lower by 2021 than estimated in March.