Research by the independent Resolution Foundation think tank found that workers across the UK are now £11,000 worse off this year after 15 years of “almost completely unprecedented” wage stagnation that signals a failure of recent economic policy.
The research also shows that typical UK household incomes are falling further behind neighbouring European countries - with household incomes in Germany now £4,000 better off than those in the UK, compared to £500 in 2008.
Torsten Bell, the chief executive of the Resolution Foundation, told the BBC:
“Nobody who’s alive and working in the British economy today has ever seen anything like this. This is definitely not what normal looks like. This is what failure looks like.”
While a Labour government presided over the 2008, Tory-led governments have since presided over the cost-of-living crisis, one of the worst Covid managemt strategies in Europe and the economic madness of Brexit.
Last month, Tory Work and Pensions Secretary, Mel Stride MP, acknowledged Brexit had delivered a blow to investment decisions in the UK.
Kenneth Gibson MSP commented:
“The devastating long-term damage being caused by Brexit, Westminster cuts and economic mismanagement shows exactly why Scotland needs independence; to build a strong, fair and prosperous economy.
"The SNP is the only party calling for real change to boost incomes and create sustained economic growth but our calls to rejoin the European Union and cut energy bills were rejected by the Tories and Labour.
"We will continue calling for action to boost incomes, while delivering progressive policies like the Scottish Child Payment. Nevertheless, Scotland needs the full powers of independence to escape Brexit and secure real and positive change."
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