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Real Wages and Living Standards in the UK

Author

Listed:
  • Rui Costa
  • Stephen Machin

Abstract

Since the global financial crisis of 2007/08, workers' real wages and family living standards in the UK have suffered to an extent unprecedented in modern history. Real wages of the typical (median) worker have fallen by almost 5% since 2008, while real family incomes for families of working age have just about recovered to pre-crisis levels. But almost all groups of individuals and families - with the exception of pensioner households - are no better off on average than in 2008. In particular, there is an important generational shift, with young people doing considerably worse.

Suggested Citation

  • Rui Costa & Stephen Machin, 2017. "Real Wages and Living Standards in the UK," CEP Election Analysis Papers 036, Centre for Economic Performance, LSE.
    • Handle: RePEc:cep:cepeap:036
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    File URL: https://cep.lse.ac.uk/pubs/download/ea036.pdf
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    Citations

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    Cited by:

    1. Richard Davies, 2021. "Prices and inflation in the UK - A new dataset," CEP Occasional Papers 55, Centre for Economic Performance, LSE.
    2. Jennifer Roberts & Karl Taylor, 2022. "New Evidence on Disability Benefit Claims in Britain: The Role of Health and the Local Labour Market," Economica, London School of Economics and Political Science, vol. 89(353), pages 131-160, January.
    3. Sandra Bernick & Richard Davies & Anna Valero, 2017. "Industry in Britain: an atlas," CentrePiece - The magazine for economic performance 513, Centre for Economic Performance, LSE.
    4. Lawson, Julie & Pawson, Hal & Troy, Laurence & van den Nouwelant, Ryan & Hamilton, Carrie & Hayward, Richard Donald, 2018. "Social housing as infrastructure: an investment pathway," SocArXiv e9hky, Center for Open Science.
    5. Jo Blanden & Andrew Eyles & Stephen Machin, 2021. "Trends in Intergenerational Home Ownership and Wealth Transmission," CEPEO Working Paper Series 21-05, UCL Centre for Education Policy and Equalising Opportunities, revised May 2021.
    6. Thomas Sampson, 2017. "Brexit: The Economics of International Disintegration," Journal of Economic Perspectives, American Economic Association, vol. 31(4), pages 163-184, Fall.
    7. D., Ivan, 2017. "Stability of the labour shares: evidence from OECD economies," MPRA Paper 79822, University Library of Munich, Germany.
    8. Roberts, Jennifer & Taylor, Karl, 2019. "New Evidence on Disability Benefit Claims in the UK: The Role of Health and the Local Labour Market," IZA Discussion Papers 12825, Institute of Labor Economics (IZA).
    9. Jonathan Wadsworth, 2020. "Labour markets in the time of Coronavirus: measuring excess," CEP Occasional Papers 52, Centre for Economic Performance, LSE.

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