British Workers Suffer Pay Cuts On Par With Greece

Greece
Teachers protest against wages cuts and the government's austerity measures in Athens, Greece, on October 15, 2013. Between 2007 and 2015, the U.K., Greece and Portugal were the only OECD countries where real wages fell. Louisa Gouliamaki/Getty

Workers in the U.K. have suffered the biggest fall in wages among leading countries in the past few years, a new study shows.

Between 2007 and 2015, wages fell in real terms by 10.4 percent, a drop equalled only by Greece, according to the TUC, the U.K.'s national trade union group.

The fall is the biggest among leading members of the Organisation for Economic Co-operation and Development (OECD), including Portugal, Spain, France, Germany and Ireland, according to the report.

The U.K., Greece and Portugal were the only OECD countries where real wages, a measure that takes inflation into account, fell during this period.

TUC General Secretary Frances O'Grady said: "Wages fell off the cliff after the financial crisis and have barely begun to recover.

"As the Bank of England recently argued, the majority of UK households have endured a 'lost decade of income.'

"People cannot afford another hit to their pay packets. Working people must not foot the bill for a Brexit downturn in the way they did for the bankers' crash.

"This analysis shows why the government needs to invest in large infrastructure projects to create more decent, well-paid jobs. Other countries have shown that it is possible to increase employment and living standards at the same time."

British Workers Suffer Pay Cuts On Par With Greece | World