LONDON: Britons? purchasing power, which took a hit this year against the backdrop of Brexit, looks set to stagnate in 2018, according to a new study released. Following what was a ?tough year for living standards? in 2017... the prospects for a ?meaningful pay recovery? are ?still out of sight?, said Torsten Bell, head of the Resolution Foundation, a London-based think tank.
Since Britain voted to leave the European Union in June 2016, a drop in sterling ? making imported goods more expensive ? has pushed inflation up to more than 3.0 percent.
And while unemployment is currently at its lowest level since 1975, low productivity has prevented wages from keeping pace with inflation.The think tank noted that stagnant pay packets next year actually represented an improvement over 2017, when real wages fell.
12-28-2017, 06:42 AM
British purchasing power set to stagnate in 2018
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