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Uk Joins Greece At Bottom Of Wage Growth League

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Grauniad


UK Real Wages Are Unreal


A report by the TUC, published on Wednesday, shows that real earnings have declined more than 10% since the credit crunch began in 2007, leaving the UK equal bottom in a league table of wages growth.


Using data from the OECD’s recent employment outlook, the TUC found that over the same 2007-2015 period, real wages grew in Poland by 23%, in Germany by 14%, and in France by 11%. Across the OECD, real wages increased by an average of 6.7%.


The TUC found that between 2007 and 2015 in the UK, real wages – income from work adjusted for inflation – fell by 10.4%. That drop was equalled only by Greece in a list of 29 countries in the Organisation for Economic Cooperation and Development.

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This is because the UK doesn't need wage growth as our houses earn the money for us.

Exactly - people swap houses for ever larger amounts of money which the central bank creates and gives to the banks so they can leverage it up and loan it to people as ever larger mortgages - which they can't lose out on because house prices will only ever rise because the banks will always loan more and more money as mortgages.

It's so obvious now we see it in action, I can't believe that no-one has ever thought to base an economy on such a great wheeze before. They must all have been idiots.

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I also seem to remember real wages for 80% of the population were flat or falling even before 2007. I don' t think we've had real wage increases for the lower 80% for nearly 20 years or so ?

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I also seem to remember real wages for 80% of the population were flat or falling even before 2007. I don' t think we've had real wage increases for the lower 80% for nearly 20 years or so ?

Yes. Ties in almost exactly to the year that Nixon closed the gold window.

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I don't think they've read beyond the first couple of pages of the executive summary, and they've not even understood that.

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It's funny, seems as though now that we don't have to pretend that everything is awesome thanks to the EU anymore, a whole bunch of information about how f*cked the economy is in reality is coming out. If I were a cynic, I'd suggest the truth has been suppressed in the run up to the referendum.

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This is because the UK doesn't need wage growth as our houses earn the money for us.

There may be quite a lot in this statement.

I don't own a home, but over that period I've worked hard to make sure my income's gone up at least as fast as house prices. I wonder if a lot of people are complacent because their houses are rising in value so much? Or if they just feel so well off thanks to HPI that they don't ask for pay rises?

A good house price crash would probably do wonders for productivity.

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It's funny, seems as though now that we don't have to pretend that everything is awesome thanks to the EU anymore, a whole bunch of information about how f*cked the economy is in reality is coming out. If I were a cynic, I'd suggest the truth has been suppressed in the run up to the referendum.

I`m beginning to think the terrorists took a sabbatical too

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Exactly - people swap houses for ever larger amounts of money which the central bank creates and gives to the banks so they can leverage it up and loan it to people as ever larger mortgages - which they can't lose out on because house prices will only ever rise because the banks will always loan more and more money as mortgages.

It's so obvious now we see it in action, I can't believe that no-one has ever thought to base an economy on such a great wheeze before. They must all have been idiots.

Remind me how that #megabubble ends again?

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