Less national wealth going to wages

13/11/2009

The fact that increasing numbers of people are struggling with personal income worries has played a part in Britain's financial crash.

This is according to Trades Union Congress (TUC) research published yesterday (November 12th), which revealed that a growing pay gap between middle earners and the super rich was a "crucial but overlooked" influence on the economic downturn.

It was also revealed that the share of national wealth going into wages has been in sharp decline, with 1975's peak of 65 per cent now having fallen to 53 per cent.

Indicating that more Brits are in need of debt help, a greater proportion of this figure now goes to the upper middle classes and super rich.

TUC secretary Brendan Barber said that few people had wondered how the finance industry had got their money from leading up to the economic crash.

"The truth is that ordinary families have had their wages squeezed and have had to borrow money which should have been part of the wage packet instead," he commented.

Minister for women and quality Harriet Harman said yesterday that the overall gender pay gap had fallen to 22 per cent.

Tags; Income Worries and Debt,

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