“Wage growth was 7.3% from March to May in blow to Bank of England”

Jul 11, 2023 | Economy

It’s very easy to point fingers at the memory of, just a couple of short years ago, the promise of a ‘high wage economy’ being a good thing. So I will. Remember, these higher-than-expected wage growth figures are an average, and if you dig down, it’s the earnings of the top 10% which are pushing up those averages. The lower paid, yes, are earning more, but not in real terms with inflation still around 8%. And there really is no point in Chancellor Jeremy echoing calls for wage restraint and asking companies to reduce their profits. You can’t have it both ways, praising the free-market and then asking it to give up its freedom voluntarily. Like asking Djokovic to miss a few to give the others a chance. And, no, I don’t have all the answers. But the scary thing is, neither do those who are supposed to.

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