14th November 2017.
Pay Squeeze To Last Five More Years!
A recent report by think tank, Resolution Foundation, has warned that UK residents could see their wages decrease for a further five years if there isn’t a shift in priorities in next week’s Budget.
The report claimed that if Britain’s productivity is downgraded in the Budget as expected, this could have a negative impact on wage growth between now and 2022.
The independent Office for Budget Responsibility is predicted to cut its long-term estimate of productivity growth to 1 per cent. This is half its level before the financial crisis broke in 2007.
According to the Resolution Foundation, wages could be £24.50 a week lower in 2022 than anticipated at the time of the March 2017 budget.
Matt Whittaker, the foundation’s chief economist, said this could make the economy £44 billion smaller in 2022 than originally supposed.
“It looks likely that we are currently living through the worst decade for productivity growth since the start of the 19th century”, he added.
Nicky Morgan, chair of the Treasury committee, said Hammond might need to consider delaying cuts in corporation tax as a result of the pressure on the public finances.
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