Average real wages ‘set to plunge by £2,000’ in two years as living costs soar

Real wages are set to fall from their current level of £29,016 to £27,850 by spring of next year, estimates show

Samuel Lovett
Senior News Correspondent
Monday 23 May 2022 18:49
Comments
<p>The increase in living costs mean wages are effectively worth less </p>

The increase in living costs mean wages are effectively worth less

Average real wages are set to fall by £2,000 in just two years as the cost-of-living crisis hits UK workers hard,new figures show.

Annual earnings fell by £860 in the last financial year and are expected to further decrease by £1,160 by spring 2023, according to data released by Labour.

This means the average worker would be more than £2,000 worse off than they were in 2020/21.

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