The Chancellor and the Prime Minister like to remind us that we’re in a Global Race – we’ve got to knock the spots off the foreigners.
Well hurrah! Here’s one leg of the race we’re winning hands down: the highest inflation in the European Union:
Today’s employment figures revealed that average earnings in June to August were just 0.7 per cent higher than they had been 12 months earlier (for regular pay). For the public sector excluding the financial organisations, the increase was just 0.1 per cent. This is the lowest figure since the Average Weekly Earnings statistics’ 2001 start date.
Combined with competition-busting inflation, no wonder workers don’t believe there’s a recovery going on.