What does the future hold for productivity and pay?

The Office for National Statistics recently published figures showing average weekly earnings for full time employees falling in eight of the last 14 years, resulting in them being three per cent lower in 2022 than in 2008. This ‘real terms’ figure, i.e. after adjusting for inflation, highlights the loss of spending power for many UK individuals and households since the Great Recession. In contrast, prior to 2008, real earnings had been growing by over two per cent a year.

The, Doctor