British Prime Minister David Cameron advocated today for an increase in wages in Great Britain, where a decline in the purchasing power of citizens has been recorded.
"It is time to raise wages in Britain. Success in the economy cannot only be reflected in economic growth or the balance sheet of British companies, but also in increased wages and better living standards," Cameron said in a speech at the Association of British Chambers of Commerce, three months before parliamentary elections.
After a severe recession due to the global economic crisis in 2008 and 2009, the British economy gradually recovered and gained momentum last year with a growth of 2,6 percent of gross domestic product (GDP).
However, salaries grew more slowly compared to the increase in inflation, which caused a decline in the purchasing power of citizens. From Cameron's coming to power in May 2010 to November 2014, the average salary increased by 7,6 percent, while prices jumped by 12,1 percent.
The drop in the price of oil, and thus of fuel at the pumps, combined with a "price war" between supermarkets, has led to a slowdown in inflation in recent months, so that real earnings may finally have made some progress.
Opposition Labor leader Ed Miliband said that despite this, the average Briton has yet to feel the benefits of the country's economic recovery.
The British Trade Union Confederation immediately condemned Cameron's speech today, calling it "pre-election light music".
"Since Cameron has been prime minister, the average wage is £2.500 (€3.360) less a year. The fall in living standards is the most dramatic since the reign of Queen Victoria (1837-1901)," said the general secretary of the Confederation of British Trade Unions, Francis O'Grady. .
The usual hegemony of Labor and the Conservatives in the upcoming elections may be threatened by the increasingly popular anti-European party UKIP, the Green Party and the Scottish People's Party, which is why the outcome of the election is completely uncertain.
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