 |
answer text |
According to the Office for National Statistics (ONS), the level of total average
weekly earnings has been growing steadily since January 2017, between March and May
2018 it increased from £515 to £517. Total real pay growth was 0.1% in the three months
to May. The Office for Budget Responsibility (OBR) expect average earnings to grow
faster than inflation in every year of the forecast.<p> </p><p>The employment rate
is currently at a record high and the Government is taking action to support wages.
Supported by the introduction of the National Living Wage, the lowest paid have seen
their wages grow by 7% above inflation between April 2015 and April 2017.</p><p> </p><p>Boosting
productivity is the only way to achieve sustained wage growth and higher living standards.
That’s why in the Autumn Budget, the Chancellor announced that the National Productivity
Investment Fund, introduced in 2016 to invest in housing, R&D and infrastructure,
would be extended and increased from £23bn to £31bn.</p>
|
|
