Best of the Week
Most Popular
1.Bitcoin War Begins – Bitcoin Cash Rises 50% While Bitcoin Drops $1,000 In 24 Hours - Jeff_Berwick
2.Fragile Stock Market Bull in a China Shop -James_Quinn
3.Sheffield Leafy Suburbs Tree Felling's Triggering House Prices CRASH! - Nadeem_Walayat
4.Bank of England Hikes UK Interest Rates 100%, Reversing BREXIT PANIC Cut! - Nadeem_Walayat
5.Government Finances and Gold - Cautionary Tale told in Four Charts - Michael_J_Kosares
6.Gold Stocks Winter Rally - Zeal_LLC
7.The Stock Market- From Here to Infinity? - Plunger
8.Ethereum (ETH/USD) – bullish breakout of large symmetrical triangle looks to be getting closer - MarketsToday
9.Electronic Gold: The Deep State’s Corrupt Threat to Human Prosperity and Freedom - Stewart_Dougherty
10.Finally, The Fall Of The House Of Saud - Jim_Willie_CB
Last 7 days
Stock Market More Correction Ahead? - 19th Nov 17
Universal Credits Christmas Scrooge Nightmare for Weekly Pay Recipients - 18th Nov 17
Perspective on the Gold/Oil Ratio, Macro Fundamentals and a Gold Sector Bottom - 18th Nov 17
Facebook Traders: Tech Giant + Technical Analysis = Thumbs Up - 18th Nov 17
Games Betting System For NCAA Basketball Sports Betting - Know Your Betting Limits - 18th Nov 17
Universal Credit Doomsday for Tax Credits Cash ISA Savers, Here's What to Do - 18th Nov 17
Gold Mining Stocks Fundamentals Q3 2017 - 17th Nov 17
The Social Security Inflation Lag Calendar - Partial Indexing - 17th Nov 17
Mystery of Inflation and Gold - 17th Nov 17
Stock Market Ready To Pull The Rug Out From Under You! - 17th Nov 17
Crude Oil – Gold Link in November 2017 - 17th Nov 17
Play Free Online Games and Save Money Free Virtual Online Games - 17th Nov 17
Stock Market Crash Omens & Predictions: Another Day Another Lie - 16th Nov 17
Deepening Crisis In Hyper-inflationary Venezuela and Zimbabwe - 16th Nov 17
Announcing Free Trader's Workshop: Battle-Tested Tools to Boost Your Trading Confidence - 16th Nov 17
Instructions to Stop a Dispossession Home Sale and How to Purchase Astutely at Abandonment Home - 16th Nov 17
Trump’s Asia Tour: From Old Conflicts to New Prospects - 16th Nov 17
Bonds And Stocks Will Crash Together In The Next Crisis (Meanwhile, Bond Yields Are Going Up) - 16th Nov 17
A Generational Reset That Will Redistribute Wealth to the Bottom 60% Is Near - 16th Nov 17
Ethereum (ETH/USD) – bullish breakout of large symmetrical triangle looks to be getting closer - 16th Nov 17
Gold’s Long-term Analogies - 16th Nov 17
Does Stripping Streets of ALL of their Trees Impact House Prices (Sheffield Example)? - 15th Nov 17
The Trump Administration’s IP Battle Against China - 15th Nov 17
5 Ways Bitcoin can Improve its Odds of Becoming the Future of Money - 15th Nov 17
These Headlines Say Gold is Building a Base for Something Big - 15th Nov 17
Protect Your Savings With Gold: ECB Propose End To Deposit Protection - 14th Nov 17
Gold on the Ledge, Trend Forecast - 14th Nov 17
The Unbearable Slowness Of Fourth Turnings - 14th Nov 17
Silver Sign’s Confirmation & More - 14th Nov 17
Could This Be The End for Tesla? - 14th Nov 17
Harry Dent’s Fourth Cycle: More Evidence of Stock Market Downturn - 14th Nov 17
Why Having Good Credit Is Important If You Want to Invest - 14th Nov 17
The Bitcoin Bubble Explained in 4 Charts - 13th Nov 17
How the US Has Secretly Subsidized China to Produce Eco-Unfriendly Solar Panels - 13th Nov 17
The Increasingly Unstable Middle East Must Be On Every Investor’s Radar - 13th Nov 17
Stock Market Critical Supports are Being Challenged - 13th Nov 17
The One Chart All Investors Should See Before 2018 - 13th Nov 17
Short-Term Stock Market Uncertainty Following Recent Rally, Will Stocks Continue Higher? - 13th Nov 17
Is Hillary Just the “Fall Guy” for the Intel Agencies and their Moneybags Bosses? - 12th Nov 17
Stock Market Correction Phase - 12th Nov 17
Finally, The Fall Of The House Of Saud - 12th Nov 17

Market Oracle FREE Newsletter

Traders Workshop

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 


© 2005-2017 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

Catching a Falling Financial Knife