Workers in Medway set to see wages fall by over £1,000 by 2023
New figures published by the Medway Labour and Co-operative Group today reveal the staggering hit to wages facing local people by 2023. New analysis shows the average earner in Medway will see their real earnings fall by £1070.20 by 2023.
Not only will working people be hit with the biggest tax burden since the 1940s – but living standards look to plummet at the fastest rate seen since records began.
Labour’s Shadow Chancellor has called on the government to scrap the damaging, unfair National Insurance rise, and to choose a one-off windfall tax on oil and gas producer profits instead – to take up to £600 off the energy bills of households struggling with the rising cost of living crisis.
Cllr Vince Maple, Leader of the Medway Labour and Co-operative Group said:
“The cost of living crisis is hammering families in Medway. But all we got from the Chancellor in his Spring Statement last week was a promise of jam tomorrow rather than the support that is needed now – and now we learn that workers in Medway are facing a sharp squeeze on their wages, losing £1070.20 from their pay packet by next year.
“We’ve got to get a grip on spiralling inflation and the rising cost of living crisis which is leaving people worse off.
“Not only is it leaving people worse off and worried about paying the bills – it’s stopping their spending going back into our local economy so our businesses and our growth is suffering.
“Last Wednesday was the day for the Chancellor to scrap his unfair tax hike on working people and on businesses. It was the day for him to bring in a one-off windfall tax on oil and gas producers, to take up to £600 off people’s energy bills. It was the day to set out a plan for British businesses.
“In failing to do any of these, the Chancellor made the wrong choices for Medway and our country.”
The OBR Economic and Fiscal Outlook, published alongside the Chancellor’s spring statement, reveals that forecast average earnings growth is expected to fall well short of forecast inflation in both 2022 and 2023. Cumulatively over that period, the OBR forecast that earnings will fall by 3.5% relative to inflation. That means the real value of earnings will decline.
Here in Medway that fall would be £1070.20 – https://docs.google.com/spreadsheets/d/1lpSBsu-IhjNSudRr886T_h6kcVXJkIvh/edit#gid=2088105425