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The Return of Falling Real Wages

Author

Listed:
  • David Blanchflower
  • Rui Costa
  • Stephen Machin
Abstract
The falling real wages experienced by most UK workers between 2008 and 2014 were followed by modest growth in 2015 and 2016. But it has now reversed back as real wages have once again started to fall. This is courtesy of the post-Brexit rise in price inflation that has occurred, coupled with the persistent 2 percent nominal wage growth norm that seems to have become firmly established in the UK labour market. In this real wage update, we first consider the most recent wage growth numbers and appraise the Bank of England forecasts. Next we consider what has been happening to real wages for different groups of workers. Then, in the light of the recent employment patterns, we discuss another key feature of the UK labour market, the rise in low wage selfemployment. We end with some conclusions.

Suggested Citation

  • David Blanchflower & Rui Costa & Stephen Machin, 2017. "The Return of Falling Real Wages," CEP Real Wages Updates 006, Centre for Economic Performance, LSE.
    • Handle: RePEc:cep:ceprwu:006
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    File URL: https://cep.lse.ac.uk/pubs/download/rwu006.pdf
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    Citations

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    Cited by:

    1. Jack Blundell & Stephen Machin, 2020. "Self-employment in the Covid-19 crisis," CEP Covid-19 Analyses cepcovid-19-003, Centre for Economic Performance, LSE.
    2. 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.
    3. Machin, Stephen & Costa, Rui & Dhingra, Swati, 2019. "Trade and Worker Deskilling," CEPR Discussion Papers 13768, C.E.P.R. Discussion Papers.
    4. Blundell, Jack & Machin, Stephen, 2020. "Self-employment in the Covid-19 crisis: a CEP Covid-19 analysis," LSE Research Online Documents on Economics 104550, London School of Economics and Political Science, LSE Library.
    5. Ryan Lorraine & MacMahon Juliet & O’Sullivan Michelle & Turner Thomas & Lavelle Jonathan & Murphy Caroline & O’Brien Mike & Gunnigle Patrick, 2019. "The Same but Different: Regulating Zero Hours Work in Two Liberal Market Economies," The Irish Journal of Management, Sciendo, vol. 38(1), pages 3-15, December.

    More about this item

    Keywords

    real wages; wages; growth;
    All these keywords.

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