Pay survey shows continued decline in real-terms income

New data on pay in the UK has indicated a continued real-terms fall in remuneration.

The Office for National Statistics has published dat…

New data on pay in the UK has indicated a continued real-terms fall in remuneration.

The Office for National Statistics has published data for the 12 months to April 2012, showing the average gross weekly earnings for those working full time amounted to £506 – up 1.5 per cent from the 2011 figure of £498.

Over the same time, gross annual earnings were only up 1.4 per cent to £26,500.

Those who owe significant amounts of money may find they are more likely to need debt help as pay rates continue to trail inflation, which was persistently over three per cent for much of the period in question and peaked in September 2012 at 5.2 per cent.

At present, the Consumer Prices Index rate of inflation is 2.7 per cent, while the latest Bank of England quarterly inflation report, published earlier this month, said the prospects of higher inflation are greater now than they were in August.

By Joe White

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