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TUC: UK to be bottom of the wage growth league in 2018

The UK will have the worst wage performance of any advanced economy in 2018, according to new TUC analysis.

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low pay3.jpg
low pay3.jpg

The analysis of OECD forecasts shows that real wages are set to fall again next year – placing the UK last in the OECD for pay growth.

 

TUC general secretary, Frances O’Grady, believes 2018 will be another tough year for living standards. “Real wages are still lower than they were when the financial crisis hit in 2008," she said. "And 2018 is set to be bleaker still.

 

“It looks like UK wages will fall the furthest of all advanced economies.

 

“On current projections, average pay won’t recover until 2025 – a full 17 years after the pay squeeze began.”

 

Projected real wage growth in 2018 in OECD countries

Rank

Country

Projected growth

Rank

Country

Projected growth

1

Hungary

4.9%

18

Germany

0.9%

2

Latvia

4.1%

19

Austria

0.9%

3

Poland

3.8%

20

France

0.8%

4

Czech Republic

3.7%

21

Luxembourg

0.8%

5

Slovenia

3.5%

22

Mexico

0.7%

6

Israel

3.0%

 

Euro area average

0.6%

7

Slovak Republic

2.9%

23

Finland

0.6%

8

Korea

1.9%

24

Denmark

0.6%

9

Estonia

1.7%

25

Australia

0.4%

10

Iceland

1.5%

26

Japan

0.3%

11

Sweden

1.5%

27

Greece

0.2%

12

Ireland

1.3%

28

Belgium

0.1%

13

United States

1.2%

29

Switzerland

0.0%

14

Netherlands

1.1%

30

Spain

-0.1%

15

Portugal

1.1%

31

Italy

-0.6%

16

Norway

1.1%

32

United Kingdom

-0.7%

17

Canada

1.0%

 

 

 

Source: OECD

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