Property News · December 17, 2016

2016: the year Britain got (a little bit) richer


Wages went up, prices stayed about flat and house prices cooled. But next year is a different story …How was your personal finance scorecard in 2016? Many will feel wounded by the Brexit result, but the reality is that 2016 has not been unkind to the pound in your pocket. Generalising about the personal experiences of 65 million individuals is wildly ambitious, but it has never put a newspaper columnist off before, so here goes …Your wages went up Average pay rose from £463 to £475 a week (£24,076 to £24,700 a year) excluding bonuses, according to the Office for National Statistics. That’s an extra 2.5% a year, although for the lowest paid the story was better, with a 7.5% rise as the National Living Wage of £7.20 was introduced in April for the over-25s, replacing the previous figure of £6.70. But if you generally don’t feel any better off, you’re right – the governor of the Bank of England admitted we are in the midst of a “lost decade” of wage growth, unknown for more than a century. Continue reading…

Source : theguardian.com
Read more…2016: the year Britain got (a little bit) richer

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