Best of the Week
Most Popular
1. Climate Change Mass Extinction - Birds, Bees and Bugs: Going Going Gone - Richard_Mills
2.A Purrrfect Gold Price Setup! - Peter_Degraaf
3.Who Finances America's Borrowing? Recession Indicator for Independent Thinkers Part 2 - F_F_Wiley
4.America’s One-sided Domestic Financial War - Raymond_Matison
5.Gold Price Summer Doldrums - Zeal_LLC
6.Two Key Events Will Unleash Gold - Jim_Willie_CB
7.Billionaire Schools Teacher in NAFTA Trade Talks - Richard_Mills
8.Get Out Of Crypto Cannabis Bubble Before It Pops and Move Into Bargain Basement Miners - Jeb_Handwerger
9.Stock Market Could Pullback for 1-2 weeks, But Medium Term Bullish - Troy_Bombardia
10.G7 Chaos, Central Banks and US Fed Will Drive Stock Prices This Week - Chris_Vermeulen
Last 7 days
What Did Crude Oil - Platinum Link Tell Us Last Week? - 17th Jul 18
Gold And The Elusive Chase For Profits - 17th Jul 18
Crude Oil May Not Find Support Above $60 This Time - 17th Jul 18
How Crazy It Is to Short Gold with RSI Close to 30 - 16th Jul 18
Markets Pay Attention Moment - China’s Bubble Economy Ripe for Bursting - 16th Jul 18
Stock Market Uptrend Continues, But... - 16th Jul 18
Emerging Markets Could Be Starting A Relief Rally - 16th Jul 18
(Only) a Near-term Stock Market Top? - 16th Jul 18
Trump Fee-Fi-Foe-Fum Declares European Union America's Enemy! - 16th Jul 18
US Stocks Set For Further Advances As Q2 Earnings Start - 15th Jul 18
Stock Market vs. Gold, Long-term Treasury Yields, 10yr-2yr Yield Curve 3 Amigo's Update - 15th Jul 18
China vs the US - The Road to War - 14th Jul 18
Uncle Sam’s Debt-Money System Is Immoral, Tantamount to Theft - 14th Jul 18
Staying in a Caravan - UK Summer Holidays 2018 - Cayton Bay Hoseasons Holiday Park - 14th Jul 18
Gold Stocks Summer Lows - 14th Jul 18
Trump US Trade War With China, Europe Consequences, Implications and Forecasts - 13th Jul 18
Gold Standard Requirements & Currency Crisis - 13th Jul 18
Focus on the Greenback, Will USD Fall Below Euro 1.6? - 13th Jul 18
Stock Market Outlook 2018 - Bullish or Bearish - 13th Jul 18
Rising Inflation is Not Bearish for Stocks - 13th Jul 18
Bitcoin Picture Less Than Pretty - 13th Jul 18
How International Observers Undervalue the Chinese Bond Market - 13th Jul 18
Stocks Trying to Break Higher Again, Will They? - 12th Jul 18
The Rise and Fall of Global Trade – Redux - 12th Jul 18
Corporate Earnings Q2 2018 Will Probably be Strong. What This Means for Stocks - 12th Jul 18
Is the Relative Strength in Gold Miners to Gold Price Significant? - 12th Jul 18
Live Cattle Commodity Trading Analysis - 12th Jul 18
Gold’s & Silver’s Reversals’ Reversal - 12th Jul 18
The Value of Bitcoin - 11th Jul 18
America a Nation Built on Lies - 11th Jul 18
China, Asia and Emerging Markets Could Result In Chaos - 11th Jul 18
Bullish Gold Markets in the Big Picture? - 11th Jul 18
A Public Bank for Los Angeles? City Council Puts It to the Voters - 11th Jul 18
Yield Curve Inversion a Remarkably Accurate Warning Indicator For Economic & Market Peril - 11th Jul 18
Argentina Should Scrap the Peso and Dollarize - 11th Jul 18
Can the Stock Market Close Higher For a Record 10th Year in a Row? - 11th Jul 18
Why Life Insurance Is A Must In Financial Planning - 9th Jul 18
Crude Oil Possibly Setting Up For A Big Downside Move - 9th Jul 18
BREAKING: New Tech Just Unlocked A Trillion Barrels Of Oil - 9th Jul 18
How Trade Wars Penalize Asian Currencies - 9th Jul 18
Another Stock Market Drop Next Week? - 9th Jul 18
Are the Stock Market Bulls Starting to Run? - 9th Jul 18

Market Oracle FREE Newsletter

5 "Tells" that the Stock Markets Are About to Reverse

London Workers Real Earnings Still below 2007 in 27 Boroughs

Economics / Wages Jul 06, 2017 - 04:05 PM GMT

By: Submissions

Economics

EARNINGS IN 27 LONDON BOROUGHS STILL BELOW 2007 LEVEL ONCE INFLATION HAS BEEN TAKEN INTO ACCOUNT NEW GMB STUDY SHOWS

Impunity for employers hostility towards workers rights is maybe more important than the pay cap in the public sector in holding down pay in the private sector says GMB London region

The real value of earnings for all full-time employees resident in London has dropped by 17.9% between April 2007 and April 2016 a new GMB London Region analysis of the Annual Survey of Hours and Earnings shows.


27 out of the 29 areas in London still have a lot of ground to make up on earnings levels before the recession.

For full time employees resident in the borough of Westminster the drop has been 38.7%, in Hammersmith and Fulham the drop is 29.5%, in Camden 25.2%, in Tower Hamlets 24.2% and in Southwark 20.4%.

Set out in the table below are the 2007 and 2016 mean annual earnings figures for 29 London boroughs where data are available with the actual change figures and the change figures taking into account inflation of 27.3%.

The tables have been compiled by GMB London region, see notes to editors for sources and definitions.

   

2007 Mean

2016 Mean

change

% change (07-16)

% change after inflation (2007-16) 27.26%

 

London

£42,226

£44,094

£1,868

4.4

-17.9

1

Westminster

£83,296

£64,937

-£18,359

-22.0

-38.7

2

Hammersmith and Fulham

£60,082

£53,894

-£6,188

-10.3

-29.5

3

Camden

£54,870

£52,201

-£2,669

-4.9

-25.2

4

Tower Hamlets

£48,270

£46,534

-£1,736

-3.6

-24.2

5

Southwark

£41,470

£42,017

£547

1.3

-20.4

6

Sutton

£36,933

£37,827

£894

2.4

-19.5

7

Ealing

£37,388

£38,746

£1,358

3.6

-18.6

8

Islington

£50,617

£53,949

£3,332

6.6

-16.2

9

Barnet

£40,781

£43,895

£3,114

7.6

-15.4

10

Haringey

£35,550

£38,266

£2,716

7.6

-15.4

11

Harrow

£37,149

£40,065

£2,916

7.8

-15.3

12

Hillingdon

£35,641

£38,984

£3,343

9.4

-14.1

13

Waltham Forest

£32,280

£35,834

£3,554

11.0

-12.8

14

Bromley

£44,847

£49,886

£5,039

11.2

-12.6

15

Barking and Dagenham

£26,557

£30,229

£3,672

13.8

-10.6

16

Kingston upon Thames

£40,099

£45,875

£5,776

14.4

-10.1

17

Hounslow

£31,843

£36,555

£4,712

14.8

-9.8

18

Wandsworth

£50,692

£58,878

£8,186

16.1

-8.7

19

Enfield

£32,714

£38,202

£5,488

16.8

-8.2

20

Croydon

£31,750

£37,315

£5,565

17.5

-7.6

21

Redbridge

£34,807

£41,087

£6,280

18.0

-7.2

22

Greenwich

£37,665

£44,462

£6,797

18.0

-7.2

23

Richmond upon Thames

£52,363

£61,946

£9,583

18.3

-7.0

24

Newham

£26,684

£31,699

£5,015

18.8

-6.7

25

Brent

£29,549

£36,137

£6,588

22.3

-3.9

26

Bexley

£32,609

£40,517

£7,908

24.3

-2.4

27

Havering

£33,074

£41,257

£8,183

24.7

-2.0

28

Lewisham

£30,299

£39,436

£9,137

30.2

2.3

29

Merton

£41,363

£57,183

£15,820

38.2

8.6

 

Warren Kenny, GMB London regional secretary, said,

&quotThe real value of earnings for all full-time employees resident in London has dropped by 17.9% between April 2007 and April 2016. 

&quotThere are still 27 London boroughs where earnings are below the level of 2007 once inflation has been taken into account. 

&quotWe need several years of growth to fill the gap and to meet the ever rising cost of housing.

&quotThe recession and inflation are not the only causes of the decline in the value of earnings in the private sector especially for lower paid manual workers. Capital's share of annual national income has increased by nearly 50% in a generation while the share going to wages has declined.

&quotEmployers threats and actions, like the recent sacking of shop stewards at Cineworld in London in the course of strike action on pay, is curtailing the rights of workers to join trades unions and to seek collective bargaining agreement to resist and reverse this transfer of income from labour to capital.

&quotThis hostility is widespread and enjoys effective impunity. In Amazon trades union organisation is underground like the French resistance as is the case elsewhere. It is a major cause of growing inequality in the UK. 

&quotSo employers hostility is not only abusing the human rights of workers to join trades unions to hold down pay in favour of profits but it now also threatens consumer spending and increases the risk of a further recession.

&quotLast month the GMB Congress called for hostile action by employers against workers wanting to join unions to be made a criminal offence punishable by punitive fines and prison sentences. The current position where employers can violate the human rights of workers to join trades unions and to seek collective bargaining with impunity can no longer be tolerated.

&quotThis impunity for employers hostility in the private sector is maybe more important than the pay cap in the public sector in holding down pay in the private sector. 

&quotGMB will mobilise to support a national roadshow for the sacked shop stewards at Cineworld in Brixton being used to win support for their pay dispute and to highlight the need for legislation to deal with the current effective impunity employers enjoy in denying workers rights by aggressive hostile actions. 

&quotSo as well as lifting the pay cap in the public sector action is also needed in the private sector to secure decent pay rises.

&quotThis will require legislation to deal with the current effective impunity employers enjoy in denying workers rights to join unions to end the silencing and oppression of the manual  working class in the UK. 

&quotAll workers should be looking for decent pay rises in both the public and private sectors. 

&quotSo as well as Parliament acting on the pay cap in the public sector it has a key role to play in liberating the UK working class to fight for their fair share of national income now going to capital. 

&quotWorkers are not looking for charity but for effective enforcement of the human rights they have but which are denied by employers with impunity. This should be one of the lessons the employers should draw from the results when the electorate was asked to vote in recent nationwide polls. "

GMB

GMB London Region, John Cope House, 152 Brent Street, LONDON NW4 2DP 


© 2005-2018 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules