If pay had continued to rise at pre-2008 levels, the average Briton would be £5,000 better off today. To repair the damage, the minimum wage has to rise
Family wages have slumped in the aftermath of the global financial crisis in 2008 and the collapse of Lehman Brothers bank. Now the threat of an interest rate rise next spring means things could get worse before they get better.
This week Mark Carney, the governor of the Bank of England, acknowledged the catastrophic impact of the great recession on wages, telling the TUC conference that workers have been forced to share the burden of higher overall employment and economic growth in the form of lower pay.
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