Why British wage growth is picking up at last

PERHAPS NO OTHER factor better explains why so many Britons want radical change, from voting for Brexit to backing Jeremy Corbyn’s far-left Labour Party. Since the financial crisis of 2008-09 Britain’s wage growth has been dreadful. Adjusting for inflation, wages fell from 2007 to 2017, a worse performance than in any other OECD country except Mexico or Greece. At last, however, the tables are turning. Data released on April 16th show that nominal pay is growing at about 3.5% a year , or 1.

Stronger pay may also owe something to rising productivity. How much workers produce ultimately determines how much they earn. After stagnating in 2007-14, more recently output per hour has grown by about 1% a year in real terms. Silvana Tenreyro of the Bank of England has floated the idea that some of these gains might not have yet shown up in the statistics.

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