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UK pay rising in real terms, says coalition | UK pay rising in real terms, says coalition |
(about 1 hour later) | |
Most British workers have seen their take-home pay rise in real terms in the past year, the government claims. | Most British workers have seen their take-home pay rise in real terms in the past year, the government claims. |
It has produced figures showing all except the richest 10% saw their take-home wages rise by at least 2.5% once tax cuts were taken into account. | It has produced figures showing all except the richest 10% saw their take-home wages rise by at least 2.5% once tax cuts were taken into account. |
That is more than the Consumer Prices Index (CPI) inflation rate of 2.4% in the year to April 2013. | That is more than the Consumer Prices Index (CPI) inflation rate of 2.4% in the year to April 2013. |
Labour said the figures were "highly selective" and did not take into account changes to benefits. | Labour said the figures were "highly selective" and did not take into account changes to benefits. |
The government said the figures show only the top 10% of earners fell behind the CPI rate - which excludes the costs of buying and owning a home such as mortgage interest repayments - with an average increase of 2%. | The government said the figures show only the top 10% of earners fell behind the CPI rate - which excludes the costs of buying and owning a home such as mortgage interest repayments - with an average increase of 2%. |
It said it made its claims by taking into account cuts to income tax and national insurance. | It said it made its claims by taking into account cuts to income tax and national insurance. |
Conservative skills and enterprise minister Matthew Hancock said: "Of course, as a consequence of the great recession, people who work hard have been made poorer and times are tough for families as a result. | Conservative skills and enterprise minister Matthew Hancock said: "Of course, as a consequence of the great recession, people who work hard have been made poorer and times are tough for families as a result. |
"That's why, as part of our long-term economic plan, we are cutting taxes for hardworking people so they have more money in their pockets and are more financially secure." | "That's why, as part of our long-term economic plan, we are cutting taxes for hardworking people so they have more money in their pockets and are more financially secure." |
'Positive signs' | |
Speaking on Thursday, Prime Minister David Cameron said there were "some positive signs" on take-home pay but a sustained and broad-based recovery in people's finances would take time. | |
But Labour said the government's figures were based on weekly, not annual earnings and real annual wages had fallen by £1,600, on average, since 2010. | |
"The government is choosing selectively the figures it uses," said shadow business secretary Chuka Umunna. | |
"They are looking at individuals in isolation without looking at the impact of government changes to people's household incomes." | |
He added: "You have got a government saying 'crisis what crisis'. It illustrates just how out of touch they are when they go to the lengths they have over the last 24 hours to try and convince people to give them a pat on the back." | |
Paul Johnson, director of the Institute for Fiscal Studies, told BBC Radio 4's Today programme the government had used "a perfectly sensible set of numbers" to calculate take-home pay for the 2012-2013 period. | Paul Johnson, director of the Institute for Fiscal Studies, told BBC Radio 4's Today programme the government had used "a perfectly sensible set of numbers" to calculate take-home pay for the 2012-2013 period. |
But he pointed out that more up-to-date Office for National Statistics data - the average weekly earnings index - showed wages rose "quite a lot less quickly than inflation in the most recent months". | But he pointed out that more up-to-date Office for National Statistics data - the average weekly earnings index - showed wages rose "quite a lot less quickly than inflation in the most recent months". |
He added that the IFS's own analysis suggested that "if the recovery takes off and continues as expected, people will start to see their incomes rising by 2015... but they will be well below where they were six or seven years ago". | He added that the IFS's own analysis suggested that "if the recovery takes off and continues as expected, people will start to see their incomes rising by 2015... but they will be well below where they were six or seven years ago". |
Labour's £1,600 figure also only gave a "partial picture", the IFS added. | |
TUC General Secretary Frances O'Grady said the government's figures should be taken "with several tons of salt" as they did not include the effects of tax credits and benefits, particularly the freeze in child benefits. | |
Earlier this week, the International Monetary Fund upgraded its forecast for the UK economy. | Earlier this week, the International Monetary Fund upgraded its forecast for the UK economy. |
It now expects the economy to grow 2.4% this year - faster than any other major European economy - against its previous forecast of 1.9%. | It now expects the economy to grow 2.4% this year - faster than any other major European economy - against its previous forecast of 1.9%. |