Wages Versus Utility Price Increases

Since the economic downturn in 2008, wages have not kept up with rising fuel prices.

According to the Office for National Statistics (ONS), the UK’s unemployment rate is currently hovering at around 8.1%, and there are over 9m economically inactive citizens who can’t contribute to the economy nationwide, pay has risen by 1.5% since 2011 – whereas in that same period of time, many homeowners have seen their dual fuel energy bills rise in excess of 19%.

In fact, domestic fuel prices have risen 35% in the past 5 years – with the average UK dual fuel bill rising by £417.11 per year.

Meanwhile, the ONS reports that the average weekly income in the UK has remained relatively stagnant since the year 2000. The fact is the median full-time gross weekly earnings have fallen by 0.5% in the last ten years. Figures for 2012 have yet to be released if there is any growth we expect this to be a miniscule increase from 2010/11.

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