What’s stopping UK households from being £4,300 richer?

Name: What’s stopping UK households from being £4,300 richer? | Open Video
Uploaded: 2024-10-07T12:26:28+00:00
Duration: 2 min 9 s

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Did you know that UK households could have over £4,000 more coming in each year
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if wage growth matched that in Germany and the US? Research from the Resolution Foundation shows real average wages in the UK are only £16
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a week higher than they were at the time of the 2010 election
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But while pay growth has been more or less stagnant since 2010, the labour market had been
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performing well in terms of job creation up until the pandemic. The UK's employment rate increased from 70.3% at the start of 2010 to reach a record 76.2% on the eve of the pandemic
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Since then, however, it's fallen to 74.3%. This makes the UK one of just six OECD economies that have yet to return to their pre-pandemic employment rate
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The others are Latvia, Iceland, Chile, Colombia and South Africa. So, what's causing this rise in unemployment
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Well one of the leading contributors to the fall in employment rates since the pandemic is long sickness An extra 800 people are out of the workforce due to health conditions compared to pre
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Both major parties have put boosting employment at the centre of their pitch to generate economic growth
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although neither party has given much detail on their preferred approach. The Conservatives hope that tax cuts and tighter conditions on benefits will help get
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more people back into the workforce. While Labor have said they will focus on providing
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health and skills support with the aim of lifting the employment rate to 80%. Labor also
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have plans to introduce a comprehensive overhaul on employment rights, a pledge that the
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Conservatives haven't matched. Labor wants to introduce day one rights against unfair dismissal
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extend statutory sick pay and give workers a right to a contract that reflects hours that people
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actually work. Here at City AM we'd like to know which party do you think has the
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best policies to get people back into work? Let us know in the comments

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What’s stopping UK households from being £4,300 richer?

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