Pay squeeze worst since Victorian age, study finds

[Sysman]

Grauniad

Research carried out by the TUC suggests that the UK would have to go back to the 1860s for a pay squeeze as deep and as long as the current one. This year is the seventh consecutive year of falling real earnings for UK workers, the TUC claims, a situation, it says, that has no historical precedent

Eh? Make your minds up chaps. "No historical precedent" doesn't really mix with "the 1860s".

“In 1865 the UK economy had taken a nosedive following reckless financial speculation in the City and the collapse of a major bank, not dissimilar from the events of 2008,” O’Grady said. “But although pay fell in real terms in that slump of almost 150 years ago, the squeeze on pay that hit Victorian workers only lasted two years.”

Oh goody, let's go on strike:

Anger over falling wages, which unions blame on a recession triggered by the banking crisis of 2008, will see an estimated half a million NHS workers across England and Northern Ireland take strike action tomorrow.

[Zero Liability]

Always the public sector workers of monopolised services, because they know they have the government by the proverbial...

I wonder if the UK banks also operated on the basis of fractional reserve banking, coordinated by a central bank, back then. Probably. Except back then there were no bailouts? No QE? No on-going interest rate suppression? It's always convenient how these "explanations" tend to look at the symptoms ("reckless financial speculation", oh now there's a red flag buzzword string), whilst ignoring everything else that was in play at the time.

[darmstadt]

Always the public sector workers of monopolised services, because they know they have the government by the proverbial...

Its not really a monopoly is it as you have the choice to go private? Then again, a lot of the NHS is either operated under the PFI or outsourced to private companies which means that the staff are not really public workers are they? And those that are going on strike, will they be the consultants, administrative staff, etc. or the nurses, cleaners, etc.?

[scooterscot]

Well up until 1869 you could still be imprisoned for debt.

Ssiiiiissssh - debt is a good thing,

[MarillionFan]

Well up until 1869 you could still be imprisoned for debt.

There were few safety nets in Victorian Britain.

Are there no prisons?

Are there no workhouses?



The Bank of England was nationalised in 1946.

Every working class child had a job and nobody relied on benefits. They never had it so good.

[minestrone]

It is actually progress that they now admit that the current problems were only triggered by the banking crisis.

Maybe in another 6 years they might admit Gordon got a bit mad with the cheque book.

[Zero Liability]

Its not really a monopoly is it as you have the choice to go private? Then again, a lot of the NHS is either operated under the PFI or outsourced to private companies which means that the staff are not really public workers are they? And those that are going on strike, will they be the consultants, administrative staff, etc. or the nurses, cleaners, etc.?

It is, considering that the "private" bit is an auxiliary service, tacked on for those who want to pay to get through quicker.

Considering who ultimately pays their salaries, they are very much public sector workers, irrespective of whether they get the full array of benefits or the signatory of their timesheets is a private company rather than the NHS proper.

[xoggoth]

Indeed. Can't comment on comparisons with 1860s, seems rather academic to be worth looking into, but looking at comparisons using more recent data:

Today's gross domestic product figures, which show total national income finally surpassing pre-crisis levels, mark that moment.
While some families are better off, the majority are still, in real terms, far poorer than in 2008. And while some regions barely felt the recession, others are still mired in depression. But the manufacturing sector is still 7.4% smaller, and construction is 10.7% smaller.
Moreover, although the size of the total pie is now bigger than in 2008, the number of people it is shared amongst has increased. As a result, GDP per capita is still around 5% smaller than before the crisis.

Something that lefties who spout the wonders of immigration should consider. It does nothing whatever for the British population.

By lefty politics, that looks at GDP instead of what it should look at, GDP per capita of British citizens, Bangladesh (57th in the world) is much better off than Luxemburg (72nd in the world). Idiots!.

[darmstadt]

It is, considering that the "private" bit is an auxiliary service, tacked on for those who want to pay to get through quicker.

Considering who ultimately pays their salaries, they are very much public sector workers, irrespective of whether they get the full array of benefits or the signatory of their timesheets is a private company rather than the NHS proper.

So presumably using that argument, all IT contractors in public sector work are public servants as ultimately the public pays their salaries? I bet they don't go on strike or is that all covered by IR35

[MarillionFan]

Indeed. Can't comment on comparisons with 1860s, seems rather academic to be worth looking into, but looking at comparisons using more recent data:



Something that lefties who spout the wonders of immigration should consider. It does nothing whatever for the British population.

By lefty politics, that looks at GDP instead of what it should look at, GDP per capita of British citizens, Bangladesh (57th in the world) is much better off than Luxemburg (72nd in the world). Idiots!.

Frankly I think anyone who has ever voted Labour should be taken outside the wall & shot.