It's getting worse: Brits near the bottom of living standards table

Plunge in pay puts bankster paradise Britain 

24th out of 27 in EU

By Vincent Moss: Skint Brits have suffered one of Europe’s worst drops in living standards. The value of UK wages has plunged by 3 per cent since Chancellor George Osborne embarked on huge spending cuts in 2010.

The drop is revealed in new research, which puts Britain in 24th place out of all 27 EU nations in a study of rising and falling pay packets. The figures, which take into account inflation, show we are the fourth hardest-hit nation in Europe. Only Greece, Cyprus and the Netherlands have had bigger drops in pay.
Food prices in the UK soared by 5 per cent in the past year while millions of workers endure a pay freeze. Meat is likely to get even more expensive as the industry cleans up after the horse-meat scandal. The price of petrol has soared and heating bills have also rocketed.
The fall in UK pay is in stark contrast to Bulgaria and Romania which top the league, compiled by independent Commons experts.
Bulgarians enjoyed a 12 per cent rise in wages in real terms over the two years to autumn 2012. Romanians were 6 per cent better off.
Despite the crisis over the euro, countries such as France and ­Germany have done better than us.

Labour, who commissioned the research, said it showed the true impact of the flat-lining economy and big spending cuts. Shadow Chancellor Ed Balls last night called for urgent action to tackle the problem in Mr Osborne’s March 20 Budget, which comes weeks after Britain lost its AAA credit rating.
He said: “These figures show just how far Britain is falling behind the rest of Europe under this government. We are losing in the global race with only three out of 27 EU countries suffering bigger falls in living standards than us.
“A flat-lining economy under David Cameron and George ­Osborne over the last two years has made British people worse off.
“Urgent action is needed in the Budget to kick-start our stagnant economy and help people on middle and low incomes struggling with the rising cost of living.
“We need to bring forward infrastructure investment, build thousands of affordable homes and give tax breaks to small firms taking on extra workers.
“David Cameron and his downgraded Chancellor must heed the warnings and act or Britain will face more years of falling living standards and more long-term damage to its economy.”
- Large crowds gathered to protest against government cuts in Portugal imposed by euro chiefs, days after similar demonstrations in Greece.

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