“We are delivering…the fastest wage growth in years” says Rishi Sunak in
#PMQs
. It is an extraordinary boast, for a few reasons. 1) that wage growth is a big reason why interest rates are still rising, why the Bank of England will next week increase interest rates again, and why…
@Peston
Since the 2016 Brexit Referendum, unless the same job earns you >40% more today, you're now worse off!
Since 2016:
🇬🇧 UK
GBP inflation: 39.42%
Wage growth: ~30%
Real wages : negative ~10%
🇩🇪 Germany
EUR inflation: 19.69%
Wage growth: ~16%
Real wages: negative ~3.7%
@Peston
The only way the Tories can deliver pay rises is by actually giving workers a real terms pay cut.
If there's a better example of what it means to be a Tory I'd like to see it.
@Peston
We had the slowest wage growth in the G7 since the GFC. Meanwhile prices kept going up. This was a dam about to burst - it was just a matter of time.
Absolutely hilarious that the government will boast about it and still blame it for high interest rates and inflation.
I thought…
@Peston
Yep another lie. 3.75 for Armed Forces personnel who have had to cover many strikes for much higher rises in pay. I'm not sure this Government knows how to tell the truth anymore and I thought that was mandatory in the House of Commons.
@Peston
Sunak appears willing to brag about anything even when a nonsense but got a telling off at PMQs today from the Speaker for criticising Labour and asking them questions. The disrespect of Sunak to Parliament and Speaker!
@Peston
And that mortgage pain is not just a year. For many, the rate needs to be fixed for 3 to 5 years. It is a longer term problem and the wage growth pressure will also be there for a longer period.
@Peston
The private sector has to put wages up so people can put the heating on and buy food. Dead employees aren’t very productive.
If they hadn’t increased the energy price cap as they did and when they did, this wouldn’t have spiralled nearly so fast.