Commenting on the latest inflation figures from the Office for National Statistics, Nigel Costley, Regional Secretary of the South West TUC, said:“Today’s figures show that the UK’s so-called recovery is based on house price rises rather than growing pay packets, with the cost of properties rising three times faster than wages. This may be enough for wealthy homeowners in London but it’s no way to secure a sustainable recovery.
“With every measure of inflation showing a rise of at least 2.5 per cent, the longest wage squeeze in over a century shows no sign of abating.
“The OBR’s forecast of real wage growth in early 2014 is looking increasingly under threat. The long overdue living standards recovery looks set to be put on hold yet again.”
(from a press release)