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UK witnesses largest decline in household earnings since 2009

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The National Statistics Office (NSRO) said on Tuesday that real incomes in the UK continue to fall at the fastest pace in a decade amid disproportionate wage growth.

And by February 2023, taking into account inflation, the real average weekly income of the population decreased by 3% for wages with bonuses and by 2.3% for “bare” wages compared to December 2022.

This is the biggest drop in real average weekly earnings since 2009, when it fell 4.5% between February and April of that year.

The department’s report indicated that real incomes of the population declined, despite the growth of wages in light of the dangerous level of inflation in the country.

Prior to this, the Office for National Statistics reported that the unemployment rate in the United Kingdom rose to 3.8% in February 2023, compared to an expected 3.7%.

Source: News

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