“Bad news for Sheffield’s workers” says Sheffield MP as Autumn Statement shows dramatic fall in real wages
The Office for Budget Responsibility figures which accompany the Autumn Statement have shown a dramatic expected fall in real wages, as household savings reach lows only seen a handful of times since records began.
OBR figures show that the fall in sterling will leave workers more than 3% worse off by 2018 as prices will rise significantly above wage growth.
Around 28% of Sheffield’s workers are on the Minimum Wage and Sheffield’s average weekly wage is over £50 per week behind the national average.
Commenting, Sheffield Heeley MP, Louise Haigh said:
“The latest figures are dreadful news for Sheffield’s workers and show that they will be hit hard in years to come.”
“If the Government were serious about helping those struggling to get by in our city, they would have introduced the massive expansion in free childcare and a real living wage that I have been calling for. But while there is plenty of money for tax cuts for big multi-national corporations, there appears to be very little to help people here.”