People’s wages in the UK have dropped to the lowest. The rate is the lowest in more than a decade. People are facing difficulties because with the current rate of wages they cannot deal with the ever-increasing inflation rate. It can be disastrous for a lot of working people.
“People Should not ask for a pay rise,” is what has been proposed by the Bank of England, though the rate of inflation is likely to reach 9.1%.
The Drop
According to the reports, the regular wages, without the bonuses, plummeted by 2.9%. The drop is the highest since Nov. 2011. It is impossible for people financially to cope with the situation because of the inflation rate. It is even becoming difficult for the people with string earnings to deal with the situation because of the continuous rise in the cost of living.
The Worry
Despite knowing everything, the Bank of England is asking people to think before they ask for a pay rise because it may fuel the rate inflation as well. But what should people do? If they do not ask for a pay rise, they are going to die. And now, according to the saying of the Bank of England, they may as well die if they ask for a pay rise.
It is easy for the governor of the Bank of England to say that “do not ask for a pay rise” because he earns £575,000 yearly. But, for those, who do not earn six figures, it would be difficult to say no to a pay rise.
What to Do?
Hypothetically the government can introduce a system where people like the governor of the Bank of England would face a temporary pay cut to make sure that people who are suffering can have a pay rise to survive during a crisis.
Unfortunately, the wages are dropping and contrastingly the inflation rate is rising. This only means a lot of working people might face difficulties meeting their basic needs.
