Jobs
UK Inflation-Adjusted Pay Lags France and Germany, OECD Says
- Figures pressure on Sunak and the BOE to act on cost of living
- Thousands of workers are striking to demand higher pay
Construction workers climb scaffolding in London, on Jan. 16.
Photographer: Jason Alden/BloombergThis article is for subscribers only.
The UK was the only European country in the Group of Seven nations where real incomes adjusted for inflation fell in the third quarter of last year, according to the OECD.
Rampant inflation was to blame for continuing slide in household spending power, the Paris-based organization said, piling pressure on Prime Minister Rishi Sunak’s government and the Bank of England to get the cost-of-living crunch under control.