British workers have seen their pay slump in real terms at the fastest rate on record, official statistics have revealed.
According to data released by the Office for National Statistics (ONS) on July 19, regular wages (excluding bonuses) rose slightly by 4.3 percent over the three months to May.
However, when adjusted for inflation, regular pay in real terms plunged by 2.8 percent, representing the biggest fall in pay since the data started being recorded in March 2001.
Growth in average total pay (including bonuses) was 6.2 percent. But after adjusting for inflation, average total pay fell by 0.9 percent.
The UK’s rate of inflation, as measured by consumer price index (CPI), hit a 40-year record of 9.1 percent in May and is expected to reach as high as 11 percent later this year….