Britain Wages CRASH to Financial Crisis Levels as Brexit Cause Panic!
Wage growth is static or falling in the UK as it has been in the US for a number reasons: firstly, deindustrialization, which means the decline of high-pay, high-skill jobs and the proliferation of low-pay, low-skill service jobs; secondly, the weakening of trade unions (or extinction as is the case in the US); thirdly outsourcing; industries moving on bloc to low paid venues, both interior and exterior, fourth semi-permanent structural unemployment. The UK is now a post-industrial, rentier economy with all that this means for wages and working conditions. Welcome to the neo-liberal nirvana.
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Posted by Nicole Bourbaki