New analysis from the Medway Labour and Co-operative Group, based on the latest Labour Market Statistics, shows that real wages have fallen a staggering £1,250 in Medway over the last 12 months.
Across the country, the real value of wages has fallen by 4.1% – which is the steepest fall since records began over 20 years ago.
Leader of the Medway Labour and Co-operative Group, Cllr Vince Maple, said:
“Medway is taking an absolute hammering from the cost of living crisis, yet the Conservative Government seem to have taken the summer off. Real wages in Medway have fallen by a staggering £1,250. Residents’ hard-earned money is being swept away by the steepest fall since records began, and the worst is yet to come. Energy bills are going up, prices in the shops are soaring, and mortgages are heading in the wrong direction too.
“While the Conservatives continue to fight amongst themselves, Labour has a plan to tackle the cost of living crisis. Keir Starmer would freeze the energy price cap, cut VAT on energy and insulate homes to bring down household bills, support small businesses with a cut to business rates, and ensure that we buy, make and sell more in Britain.
“Families in Medway need real help now. Labour has put forward a serious plan that would make a real difference – the Conservatives need to stop obsessing about themselves and start acting for the rest of us.”
ENDS
Notes
Real wages have fallen by 4.1% in the last year, which is the steepest fall since records began in 2001:
https://www.itv.com/thismorning/articles/workers-face-record-pay-slump-against-surging-inflation
Average wages by local authority can be found here:
In Medway the average worker saw real wages (excluding bonuses) fall by £1,250
https://docs.google.com/spreadsheets/d/1-izWaC4FnES8DCkWdh0nw2AT19hNg5uN/edit#gid=2088105425