United Kingdom - Real wages fall, while household debt sets to record highs - May 31, 2017
This year, household debt is set to be higher than ever before. TUC analysis finds that unsecured debt per household is set to reach £13,900 in 2017. In 2016, unsecured debt per household was already £13,200 – higher than at any other point since the financial crisis and only marginally below the peak of £13,300 in 2007. The expectations are that by 2020, it will exceed £15,000. Alongside the rise in debt and the use of credit, real wages are falling. Workers are still, on average, being paid £20 per week less than before the financial crisis a decade ago. The latest figures from the statistical office show that real wages recovered slightly between mid-2014 and early 2016, before stagnating and then beginning to fall again.
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