Earnings in Bucks down 21% in real-terms

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Workers in Bucks have seen the value of their wages fall at the third highest rate in the whole country, according to new research.

Average earnings here may still be comparatively high here at £44,979 but they have actually decreased by £560 since 2008’s recession – and when you add in inflation, their real value has actually fallen by 21.8%.

According to the GMB union’s figures, Buckinghamshire is the third worst affected by declining wages, coming in just behind West Berkshire and Surrey.

Fairing better were nearby Oxfordshire and Milton Keynes.

In Milton Keynes the average earnings of residents in full-time employment dropped in real-terms by 14.6%, while in Oxfordshire the figure fell by just 6%.

Paul Maloney, GMB regional secretary for the South East, said: “While we have seen growth in the number of workers as the population has grown, average pay has simply not kept pace with inflation.

“Since 2008 the cummulative inflation has been 20.6%.

“During this period pay in the region has gone up by 4.6% which has left the pay of the average full time worker in the region down by 16% in real terms.

“This has had a deflationary impact on the region and has also impacted on the tax taken by the chancellor to pay for essential public services.

“In the autumn statement the chancellor predicted that the economy would grow steadily each year to 2020 when it would be 12% bigger than now.

“Workers in the South East will want to see that growth translating into pay rises above inflation to make up the lost ground.”

The annual survey from which the analysis was done is based on a 1% sample of employee jobs and around 181,000 employees. This information is taken from HM Revenue and Customs PAYE records.

The figures cover employee jobs in all industries and occupations across the whole of the United Kingdom, and the information is taken confidentially by the Office for National Statistics.