UK Credit Climate – An Opinion: A decade of low pay has driven working families deep into the red, and in nominal terms, household debt has risen 1.5 times faster than wages since 2010. according to new analysis published by the TUC.
Real wages in the North East still haven’t recovered to their 2008 levels – the longest pay squeeze in centuries. As a result, the average worker in the region is £6,421 worse off today than they would be had wages kept pace with inflation since 2008. In the same period, unsecured household debt in the UK has risen by a third to a record high of £14,177.
The TUC believes that this is the most important election in a generation and is calling on all parties to put working families first. At this election, the TUC is calling on all parties to put working families first. They must:
- Get wages rising faster for everyone – not just the boardroom
- Ban zero hours contracts and guarantee everyone the security at work we need
- Rebuild our NHS and the public services we all rely on – don’t cut taxes for the rich
- Sort Brexit in a way that protects jobs and rights at work, and give people a final say
- TUC Regional Secretary Beth Farhat said “Wages have stood still for over a decade but the cost of living is still going up. Many households in the North East have been pushed to the financial cliff edge.”
“Working-class families have had enough of a system that’s rigged in favour of the rich and bosses. We want better than rising debts and low-paid jobs on impossible hours that make it hard to see our loved ones.”
“So in this election, we’re going to use our votes to fix Britain and make politicians put working families first.”
About the Trade Union Congress: The TUC exists to make the working world a better place for everyone. We bring together more than 5.5 million working people who make up our 48 member unions.
Source: CreditConnect
