Real wages in the UK could fall by 7.75 percent
Residents of the UK may face the worst drop in wages in 100 years. This is reported TASS with reference to data from the British Congress of Trade Unions. Real wages in the UK could fall by 7.75 percent, the worst since the 1920s.
The organization emphasized that the scale of the fall in wages can be called unprecedented. The UK is predicting a recession throughout 2023, according to the Bank of England. The country could lose over a million jobs.
In early August, the Bank of England raised the rate by 50 basis points at once, to 1.75 percent per annum Measures to tighten monetary policy have been taken to combat rising prices, this is a record rate increase over the past 27 years. The regulator pointed out that inflationary pressure in the UK, as well as in Europe as a whole, is growing significantly against the backdrop of rising gas prices and concerns about the possibility of a further reduction in pumping.
According to the forecast, inflation may reach 13 percent by the end of the year.
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