The most long-term decline in living standards in last 50 years
The standard of living in the UK is falling at the fastest rate in the last half century. British opposition Labour Party sees this as another crisis policy of the ruling coalition, as reported by The Guardian.
The report of the Office for National Statistics indicates that wages are systematically declining since 2010. This is the longest period from 1964. Staff of the statistical authority argued that in addition to lowering wages, working hours have changed and performance have dropped. These findings differ from the report of the government to increase the average wage for most workers.
Chris Leslie, Chief Secretary of the Ministry of Finance and a member of the Labour Party, told that the situation of workers under the government of David Cameron can not be considered satisfactory. Leslie also argues that the ruling Conservative Party recognizes the problems associated with standard of living.
In the third quarter of 2013 the wages dropped by more than 1.5 % compared to the same period of last year. Experts believe that the standard of living of the UK population is not stabilized until the next election. Moreover, reduced quality of life could be prolonged for several years. Employees are affected by the uneven distribution of inflation. Thus, the rate of depreciation of wages and increase in the value of the products are different.
