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Sunday, May 19, 2024

Wages Falling by The Fastest Rate Since 2001

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The Tories are failing millions by prioritising leadership contest.

New figures from the Office of National Statistics shows that regular pay is falling at the fastest rate since 2001 when taking into account inflation, which is at 9.1% – the highest level in 40 years.

The SNP has slammed the UK government for prioritising the leadership contest instead of taking meaningful action to support people through the Tory made cost-of-living crisis.

Between March and May, pay excluding bonuses was down 2.8% from last year when adjusted for inflation – the fastest drop since records began.

The figures also show that the average pay growth for the private sector was much higher than for the public sector – at 7.2% for March to May compared to 1.5%, before taking account of inflation.

The data comes as the UK government is set to announce its public sector pay deals.

In Scotland, public sector wages are on average 7% higher than in the rest of the UK.

Commenting, the SNP’s Treasury spokesperson, Alison Thewliss MP said:

“As the Tory made cost-of-living crisis continues, we are seeing the fastest drop in regular pay since records began while food, fuel and energy prices continue to soar.

“Household budgets across Scotland and the UK are being hammered but the UK government is too busy focussing on the Tory leadership contest to help or care.

“Inflation is already at its highest level in 40 years and is set to rise further in autumn.

“People need help now, not September or October when the Tories have finally decided who they want to lead their party.

“The Westminster government has made clear where its priorities lie and they don’t include the millions of people struggling to make ends meet.

“Independence offers Scotland a chance to better support households and escape Westminster control and the chaos that comes with it.”

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