Thinktank says budget shows Brexit uncertainty and loss of productivity could build wages below their 2008 level in 2022The UK is in danger of suffering two decades of zero earnings growth as it struggles to manage with Brexit uncertainty and a loss of productivity,the Institute for Fiscal Studies has warned.
The thinktank said a downgrade in productivity and average wages for the next five years by the Treasury’s official forecaster, the Office for Budget Responsibility (OBR), or would lead to an unprecedented period of flat earnings growth.
Productivity is an economic measure of the efficiency of a workforce. It typically measures the level of output per hour of work,or per worker.
This is not the end of austerity. It is not even nearly the end of austerity. There are still nearly £12bn of welfare cuts to work through the system, while day-to-day public services spending is still due to be 3.6% lower in 2022-23 than it is nowadays.” Continue reading...
Source: theguardian.com