New analysis released by the Progressive Alliance, based on the latest Labour Market Statistics, shows that real wages have fallen a staggering £1,402.94 per average worker over the last 12 months.
Since last year, the real value of wages has fallen by 4.1% - which is the steepest fall since records began over 20 years ago. This means that the average Milton Keynes worker on £34,218 has lost the equivalent of over half a months’ pay due to soaring inflation, crippling energy bills, skyrocketing food prices and fuel.
Councillor Rob Middleton, Labour Progressive Alliance Cabinet Member for Resources, said:
“Milton Keynes is taking an absolute hammering from the cost of living crisis, yet the Conservative Government seem to have taken the summer off. Real wages in MK have fallen by a staggering £1,400. Residents’ hard-earned money is being swept away by the steepest fall since records began, and the worst is yet to come as we head into the winter.”
Milton Keynes Council is this year providing over £18m in direct cost of living support for those who are struggling financially, including help with paying council tax, public transport fares, and rent. The Council is also supporting vital initiatives such as the food bank and is opening food larders across the city.
Councillor Jane Carr, Lib Dem Progressive Alliance Cabinet Member for Tackling Social Inequalities, added:
“It isn’t right that residents’ are losing their hard-earned money at rapid rates. More and more people are relying on food banks to put dinner on the table, which sadly isn’t a surprise when the average worker has lost over half a months’ pay this year alone. The Government needs to act, and they need to act now.”