A new report from the Resolution Foundation finds wages still haven’t recovered from the financial crash
When the world collapsed into an economic crisis ten years ago, I doubt many of us thought we’d still be struggling to fight our way of it in 2018. But instead of a speedy recovery, the financial crisis devastated poor and middle-income communities in the UK and across the world.
People lost their jobs and their homes, governments cut back on vital public services and most of us have seen our wages stagnate, even as things like house prices continue to get more and more expensive.
And a new report from the Resolution Foundation think tank has confirmed that, even though more people are in work than a decade ago, the quality of that work isn’t necessarily any better. In fact, this new research shows that on average we’re actually earning £13 less than we were before the crash.
Job insecurity is now “widespread”, with 800,000 workers on zero-hours contracts, the BBC reports.
“While employment is at a record high, Britain is still some way off full employment and too much work remains low-paid and insecure,” he said.
“Steps to provide advance notice of shifts and a right to a regular contract for those working regular hours on a zero-hour contract would also help those in work who have precious little job security.”
And on Twitter, Clarke explained that once tax and benefit changes are taken into consideration the picture is even more bleak. “Post-tax and benefit incomes for low-to-middle income households are £100 a year lower than in 2003-04,” he said.
Post-tax and benefit incomes for low-to-middle income households are £100 a year lower than in 2003-04, but just (£50) above the level of 2006-07.— Stephen Clarke (@stephenlclarke) August 22, 2018
While we’re thankfully not at the point of Venezuela (yet), the constant widening of wealth and opportunity between the richest and the rest of us in the UK just doesn’t feel sustainable.
How much longer can we put up with such unfairness?