Posts under ‘Earnings’

Fall in wages has much further to run

by Tom O Leary.

The latest consumer price inflation (CPI) data showed a sharp acceleration in prices increases. This will have a negative effect on real wages and real incomes, once inflation is taken into account. Most workers are facing flat wages and the poor, who rely on social welfare and are seeing freezes or cuts, will all be […]

Why are real wages falling?

by Tom O Leary.

Real wages are falling once more. In addition, nominal wages have fallen in the last 2 months which is highly unusual. Both of these developments are Brexit effects and the situation is likely to get worse as Brexit unfolds. The trends in both real (inflation-adjusted) and nominal wages are shown in Chart 1 below. Real […]

Britain isn’t booming – it’s in a crisis

by Tom O Leary.

The latest UK GDP data confirm that the British economy remains in a crisis. As government spokespersons never tire of telling us the opposite, and are dutifully echoed by the majority of the media, then it is important to set out the factual case on the economy and to explain where the discrepancy between rhetoric […]

Corbyn is right: Migrants don’t drive down wages

by Tom O Leary.

In his recent speech to Labour Party conference Jeremy Corbyn said, “It isn’t migrants that drive down wages, it’s exploitative employers and the politicians who deregulate the labour market and rip up trade union rights.” This is excellent and entirely correct. It is probably the best statement ever made by a Labour leader on this […]

Nationwide Building Society and Stephen Uden’s “Invisible People”

by Andy Newman.

UPDATE: Since writing this article I was sent a link via Twitter from the Nationwide Building Society Press office, denying the story. Nationwide say: The GMB’s accusation is disappointing, surprising and, quite frankly, wrong.  We have not asked our partners Carillion to reduce the hours of its employees. So let me confirm what I know […]

It isn’t a ‘lower tax, higher wage’ economy as Osborne boasts, it’s actually a higher tax, lower wage economy

by Michael Meacher.

One has to give it to Osborne, he’s extremely good at branding whatever he doesn’t like with a clever, pejorative – but false – jingle. ‘The merry-go-round on welfare’, ‘strivers versus shirkers’, ‘Labour left behind this economic mess’ , and ‘austerity’s painful decisions are the only way to cut the deficit’ immediately spring to mind. […]

Wages, profits & investment In Greece

by Michael Burke.

The IMF has placed a road-block in the way of a deal with the Greek government and it remains unclear whether any agreement can be reached. The prior agreement which the IMF rejected was itself already very onerous. But the IMF wants to shift the burden of paying for the crisis away from taxes on […]

Even the high priests of capitalism have come out against against inequality

by Michael Meacher.

The IMF is the last place that one would expect to hear the argument being made that inequality has gone far too far. So the recent detailed research from the citadel of capitalism has to be taken seriously. What they found was that raising the income share of the poorest fifth of the population increases […]

Osborne’s £12bn cuts mainly hit those in work and will backfire badly

by Michael Meacher.

Contrary to incessant Tory propaganda about a pervasive culture of welfare dependency, the evidence actually shows jobless benefits claims are now at a 35 year low, but will be put at risk if Osborne pursues his £12bn welfare cuts at the expense mainly of people in work. Of the three out-of-work benefits – unemployment benefit […]

Cameron’s one-nation programme: pull the other one!

by Michael Meacher.

Like Thatcher declaring on the steps of Downing Street in 1979 that, like Francis of Assisi, “where there is discord, I will bring peace”, so Cameron in the Queen’s Speech debate has pledged a one-nation Britain – until one looks at the detail and reads between the lines. To take one example, the most recent […]

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