Cost of Living: Real wages fall 1.2% amid soaring inflation | Business Newsletter

Real wages fell 1.2%, according to the latest official figures, as wage growth has frequently failed to keep pace with soaring inflation.

The Office for National Statistics (ONS) reported that regular wage reductions, excluding bonus payments, increased when the effects of inflation were included in the three months to March compared with the same period last year. last.

The squeeze on households is likely to get worse as Bank of England predicts that inflation will hit 10% this year after hitting a new 30-year high of 7% in March.

The Office for Budget Responsibility has previously warned that households will experience the biggest drop in real income since records began in 1956, forecasting a drop of more than 2.2% this year.

The ONS data comes as Prime Minister Rishi Sunak faces growing pressure to do more to help struggling families. Cost of living.

Frances O’Grady, head of the Trade Union Congress, told Sophy Ridge on Sunday that Mr Sunak had “failed miserably” for those working and called for an income tax to be imposed on his profits. oil and gas companies.

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