Ha. What bullshit.
UK wages grow at record rate
Submitted 1 year ago by GreatAlbatross@feddit.uk to unitedkingdom@feddit.uk
https://www.bbc.co.uk/news/business-66501937
Comments
BowserDelta@lemmy.world 1 year ago
13esq@lemmy.world 1 year ago
What do you mean?
I and many others received the biggest payrise of their careers last year.
Inb4 “iTs StIlL a ReAl TeRmS cUt!!!”.
It’s still 8ish percent more than we had, , ,
my_hat_stinks@programming.dev 1 year ago
It might be easier to visualise if you substitute money in for something more tangible. Let’s use water as an example; you might earn a one litre bottle of water for every hour you work. Your company then announces a pay rise accross the board; everyone in the company will now get twice as amny bottles! Sounds great, everyone’s on board, the company gets huge amounts of positive PR. You’re excited when it comes to pay day, just think what you’ll do with all that extra water! But when you get your pay you’re sorely dissapointed; while you did get twice as many bottles of water, each bottle is half the size. You may have got twice as many bottles but you got the exact same amount of water.
In this analogy bottles are currency, water is value. Twice as many bottles is meaningless if they’re half the size. You got a 0% raise.
uberrice@feddit.de 1 year ago
You know. I’m Swiss, so a lot of this inflation is very evident to me.
In 2022, 1 CHF was around 0.8GBP. Now, in 2023, 1 CHF is around 0.9GBP.
Guess what, that 8% pay rise was lower than inflation. 8% on top of 0.8 is only 0.864.
Without any more pay in Switzerland, I got an effective raise higher than these ‘great’ 8% in GB
autotldr@lemmings.world [bot] 1 year ago
This is the best summary I could come up with:
Mr Morgan, the ONS’s director of economic statistics, said that basic pay “is growing at its fastest since current records began”.
Mr Morgan told BBC Radio 4’s Today programme that real pay growth, when taking into account the rate of inflation, “is still falling a little”.
Figures show that, taking into account the Consumer Prices Index (CPI) measure of inflation, average regular pay fell by 0.6%.
"The fall in employment in the three months to June and further rise in the unemployment rate will be welcomed by the Bank of England as a sign labour market conditions are cooling, " said Ruth Gregory, deputy chief UK economist at Capital Economics.
Ms Mason said the company had increased its wages to fill shifts left vacant by employees who, following Covid, decided they wanted a better work-life balance and have chosen to work fewer days.
If you are reading this page and can’t see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at HaveYourSay@bbc.co.uk.
I’m a bot and I’m open source!
seacocker@lemmy.world 1 year ago
Well done all the striking workers who have negotiated higher than initially offered wage increases!
Elcapitan786@lemmy.world 1 year ago
Where I work we got around 2% increase. Hopefully a big increase coming.
my_hat_stinks@programming.dev 1 year ago
Misleading title. This article says wages grew 7.8% but inflation is still 7.9%.
If your pay does not rise to meet inflation you got a pay cut. Everything else is spin.
Syldon@feddit.uk 1 year ago
This is why we need media reforms in the UK.
tenebrisnox@feddit.uk 1 year ago
Part of the continuing deception that “Everything’s going well in the UK” while the excessively rich are looting the place.
GreatAlbatross@feddit.uk 1 year ago
BBC’s title!
It’s unfortunate that the increase is still under the waves compared to inflation.
SuckMyWang@lemmy.world 1 year ago
BowserDelta@lemmy.world 1 year ago
/s
13esq@lemmy.world 1 year ago
Semantics.