Real Wages and Living Standards in the UK

Rui Costa and Stephen Machin

CEP Election Analysis Papers from Centre for Economic Performance, LSE

Abstract: Since the global financial crisis of 2007/08, workers' real wages and family living standards in the UK have suffered to an extent unprecedented in modern history. Real wages of the typical (median) worker have fallen by almost 5% since 2008, while real family incomes for families of working age have just about recovered to pre-crisis levels. But almost all groups of individuals and families - with the exception of pensioner households - are no better off on average than in 2008. In particular, there is an important generational shift, with young people doing considerably worse.

Keywords: Real wages; UK 2017 General Election; Brexit; UK economy; Labour market (search for similar items in EconPapers)
Date: 2017-05
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Citations: View citations in EconPapers (14)

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Persistent link: https://EconPapers.repec.org/RePEc:cep:cepeap:036

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