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Wages
Wages & Living Standards
Real Growth
-0.2%/year since 2008
Lost Income
£20,000/family
OECD Rank
27th of 34
35%Current
Potential: 70%
✗Key Problems
- 1.Real wages flat since 2007-08
- 2.Families £20,000 poorer vs pre-2005 trend
- 3.Tracks productivity one-for-one
- 4.Regional disparities largest in OECD
✓Solutions
- 1.Productivity gains feed through to wages
- 2.Regional rebalancing of economic activity
- 3.Skills uplift for wage progression
- 4.Housing cost reduction
Analysis
Root Causes
1
Real wages flat since 2007-08
2
Families £20,000 poorer vs pre-2005 trend
3
Tracks productivity one-for-one
4
Regional disparities largest in OECD
Reform Pathway
1
Productivity gains feed through to wages
2
Regional rebalancing of economic activity
3
Skills uplift for wage progression
4
Housing cost reduction
Cascade Effects
Reforms in Wages & Living Standards will have downstream effects on 5 connected domains:
