Saturday, June 7, 2008
Workers ‘forced to take pay cuts’
We all know that most of us are effectively having pay cuts in real terms against inflation at the moment, but the GMB union reports that some firms are now actually cutting pay rates in nominal terms due to the hard economic times. This will only feed into the downward cycle of the housing market as people can't obtain mortgages as easy and many won't keep up with repayments. We've got a LONG way to go to get to the bottom.