by editor
7. June 2011 17:03
A drop in real wages for low and middle-income workers could force people to seek debt management, as the Trades Union Congress (TUC) reveal that wages for the two demographics increased by just 27 and 56 per cent respectively during the 30 years up to the most recent recession.
The TUC said this was despite the UK economy more than doubling in size over the same period. The organisation went on to explain that many people are increasingly looking for alternative sources of funding, such as personal loans.
Britain's Livelihood Crisis, a TUC pamphlet published this week, showed how the latest recession is cited as the cause of income problems, even though issues have built up over three decades due to unsustainable rises in personal debt.
"While a small financial elite have grabbed an ever larger share for themselves, many people on low and middle incomes have seen barely any improvement in their incomes, while some have even seen their take home pay fall," said TUC general secretary Brendan Barber.
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