This morning, the Office of National Statistics (ONS) released its “Analysis of real earnings: January 2018”.
Those statistics showed that our earnings in real terms – levels adjusted for inflation – are significantly lower than they were in 2010 before the Tories entered Downing Street.
Real-terms wages in 2010 were already depressed, after years of the effects of the financial crash, compared to pre-crash levels:
The same applies even when bonuses – which in any case are likely to benefit higher earners – are factored in:
In almost eight years of Tory or Tory-led government, the Conservatives have not even brought us back to being as well-off as we were in the throes of the global financial implosion.
Jeremy Corbyn’s Labour calls austerity ‘a political choice’. It’s also clearly failed in terms of its impact on ordinary men, women and children of this country. Real-terms wages are lower than they were – and low-paid, part-time and insecure work has proliferated.
When the Tories crow about their economic performance, the economy they’re creating is not benefiting the many.
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