Health and social workers are £36 worse off than they were a decade ago, but salaries for bankers and others in the finance sector are up by £119 a week, a new study suggests.
Analysis published by the Trade Unions Congress (TUC) shows that real wages for health and social workers have fallen 7.6% to £441 a week since 2009.
The average worker is £17 a week worse off than they were a decade ago, with health and social workers, teachers and people working in public administration and manufacturing among the hardest hit.
Meanwhile, people working in finance and insurance saw a 9.3% rise in their weekly earnings to £1,405.
The TUC said this is a “clear consequence of the government’s decision to hold back the pay of hardworking teachers, nurses and other public servants” behind rising prices.
TUC General Secretary Frances O’Grady said: “It’s not right that pay is racing ahead in the City when most working people are still worse off than a decade ago.
“The architects of the financial crisis are earning record amounts while teachers and nurses struggle to get by.
“Workers deserve a much fairer share of the wealth they create. That’s why unions need new rights to access workplaces and negotiate industry-wide rates.
“Pay inequality helped drive the last financial crash. It can’t be left unaddressed.”