The Business thread

Average weekly wages in the UK have reached their highest levels since before the financial crisis.

Weekly pay reached £512 in the three months to December, which - adjusting for inflation - is the highest since March 2008.

Excluding bonuses, earnings grew at an annual rate of 3.2% in the three-month period, official figures show.

Employment rose by 180,000 to another record high of 32.93 million, while unemployment stayed at 1.29 million.

The figures from the Office for National Statistics (ONS) showed the number of women in employment increased again - this time by 150,000 in the three months to December to a record high of 15.61 million.

Myrto Miltiadou, of the ONS, said: "In real terms, regular earnings have finally risen above the level seen in early 2008, but pay including bonuses is still below its pre-downturn peak.

"Employment has continued its upward trend, with the rate nudging up to another record high. In particular, the number of women working full-time grew strongly over the past year."

Employment Minister Mims Davies said: "As we embark on a new chapter as an independent nation outside the EU, we do so with a record-breaking jobs market and business confidence on the rise.

"With wages still outpacing inflation, UK workers can expect their money to go further as we look ahead to a decade of renewal."

 

Uh oh

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Why didn't you post the rest of the article?

 

Can’t be arsed to google it. What’s the big reveal?

 

I've never agreed with Employment or Unemployment figures, because to me it seems as though they are always being distorted by whatever suits the government in power.

I left school at 15, the general average age for leaving school was 16, except the kids that made the effort to progress their education. Now I believe the average age is 18 for leaving school, I'm sure someone will correct that if I'm wrong. That instantly moved a load of the youth out of the unemployment queues.

Then you have Universal Credits, again the government forced people off benefits, some of those committed suicide, so it decreased the benefit queue and raised business at the undertakers....sorry I'm being a cynic of the system. Also over the decades, they've moved various people mums etc, out of benefit queues in one way or another, they rebrand stuff just to massage the figures, so they look more toned that Chaos' tan at a tanning booth.

And yes finally, of course you are going to have more people in work, they can't get their retirement pensions, because the government stole them.

 

It goes on to say....

It's always good to have some cheerful news to report, such as the news that wages, after stripping out the effect of inflation, have finally squeaked above their level in March 2008. In other words, your wage can finally buy a little bit more than it could before the banking crisis. So let's celebrate. Hooray.

Now let's home in on the amounts. The average wage excluding bonuses is now £511.61. In March 2008, the average wage would have bought you £510.96 (in 2019 prices). In other words you are 65p better off than you were - 12 years ago.

There's always a half-full or a half-empty angle on wage increases. But to many workers, this minor economic landmark will serve less as a cause for celebration and more as a reminder that the past decade has been the worst for improvements in living standards in more than 200 years.

The 2008 crisis, caused by reckless mismanagement of the banks, is one reason (not the only one) that the average pay packet has failed to do what we used to take for granted - i.e. increase by more than inflation.

It used to happen every year. Low-pay think tank the Resolution Foundation points out that if pre-crisis trends for increases in pay in real terms had continued, the average wage would now be £141 a week higher.

 

There's also zero hours contracts to take into account as they mean that statistically someone isn't "unemployed".

Nearly a million people in the UK are on zero hours contracts, over 100k increase in 12 months.

 

Well. When you put it like that.

 

I would also guess part of the reason for the increase in employment figures is the fact these days for most households you need at least 2 people in employment to make ends meet .

 

£512 is basically the dole innit?

@Suckmyklopp

 

It ain't a lot once tax/NI taken off

 

I think my Mrs spends that every week on candles for the house.

 

Why do they love candles so much? We have electricity. Loads of it.

 

What kind of Candles ??

 

Yeah I’m not sure Diptyque candles are acquired for their light-emitting qualities bro.

 

We eat a lot of cake.

 

**** knows bro, thats a bad week for a smack dealer tbh

 

How much of your prod goes out on tick though bro? That homeboy ain’t coming back for his Burbs Trolley, you’ve been done up.

 

Tick

Can you tick fags from sainsburys

 

K den.