Economics
Half of All U.K. Workers Suffered a Real-Terms Pay Cut Last Year
- Crisis extends post-2008 squeeze on living standards for many
- Young, low-paid in sectors such as hospitality hit hardest
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Half of all U.K. workers saw their pay fall in real terms last year, extending a decade-long blight on living standards for around 14 million people, according to the Resolution Foundation.
In a report published Monday, the research group said the plight of those hit hardest by the pandemic, chiefly the young, contrasts with official data showing a sharp rebound in average earnings following the first coronavirus lockdown last spring.