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Will workers get a pay rise in 2018?

Summary:
The Financial Times questioned economists for its annual publication of economic forecasts: “With unemployment at a 40-year low, how much of a pay rise will British workers get in 2018?” (See here: https://www.ft.com/content/98ce5e72-ebd9-11e7-bd17-521324c81e23)  PRIME economists responded thus: The fall in real wages while employment has fallen and employment has risen is a consequence of sustained hyper-globalisation policy in which much of the labour force is now obliged to compete in more global labour markets. Brexit will worsen this in due course. The average annual increase in nominal total pay has remained remarkably stable over the last 3 years, averaging 2.4 per cent, and most months between 2 to 3 per cent, unchanging as unemployment has fallen. Our prediction is an

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The Financial Times questioned economists for its annual publication of economic forecasts: “With unemployment at a 40-year low, how much of a pay rise will British workers get in 2018?” (See here: https://www.ft.com/content/98ce5e72-ebd9-11e7-bd17-521324c81e23)  PRIME economists responded thus:

The fall in real wages while employment has fallen and employment has risen is a consequence of sustained hyper-globalisation policy in which much of the labour force is now obliged to compete in more global labour markets. Brexit will worsen this in due course. The average annual increase in nominal total pay has remained remarkably stable over the last 3 years, averaging 2.4 per cent, and most months between 2 to 3 per cent, unchanging as unemployment has fallen. Our prediction is an annual rise of 2.6 per cent, meaning a zero increase in real wages.

Ann Pettifor
I’m Ann Pettifor, author and analyst of the global financial system, and co-author of The Green New Deal (2008). I predicted an Anglo-American debt-deflationary crisis back in 2003, and in September, 2006 published The Coming First World Debt Crisis (Palgrave). I am known for my work on the sovereign debts of low income countries and for leading an international movement for the cancellation of debts, Jubilee 2000.

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