Workers in Northampton Â£100 worse off a week due to wage stagnation in the past 10 years, figures show
Workers in Northampton are nearly Â£100 a week worse off due to wage stagnation in the town over the past 10 years, latest figures have shown.
Statistics released by the Office for National Statistics reveal the gross weekly pay packet for full-time workers in the town was £483.90 last year. This is up more than £60 on the average weekly pay in 2005, which was £420.70.
However, taking into account the level of inflation during the past decade, people in Northampton should expect to be paid £578.98 a week.
The figures also show employees in the town take home less a week than the East Midlands average (£492) and nationally (£529.60).
The pay gap between male and female full-time workers is also wider in Northampton than nationally, with me taking home £548.90 a week compared to women’s £415.
Nationally, the average is £570.40 for men and £471.60 for women.
In its Inflation Report released earlier this year, the Bank of England said it would be 2018 before average weekly earnings are increasing at the rate experienced before the financial crisis.
To offset the stagnation in wage growth, low interest rates and the fall in the price of oil and food has helped balance household budgets.