'£2.3bn lost to Welsh economy'

The TUC says the Welsh economy has lost £2.3bn since 2007 through job losses and shrinking pay packets.

Shrinking wages 'hitting' living standards

Over the last five years, workers in Wales have taken a massive hit in their pay packets, while thousands more have had to reduce their hours or take lower paid work. Many people have lost their jobs altogether.

Taken together, our pay and jobs crises have shrunk Britain's total annual pay packet by more than £50bn, with workers in Wales losing £2.3 billion altogether. It's no wonder businesses are struggling when so much demand has been sucked out of the economy.

Shrinking wages are hitting people's living standards, holding back businesses and damaging our growth prospects.

– Martin Mansfield, Wales TUC General Secretary

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Welsh pay packets down 8.1%

The TUC is launching its Britain Needs a Pay Rise campaign Credit: Dominic Lipinski/PA Wire

The Welsh pay packet has fallen by 8.1 % since the recession began in 2008, according to the TUC, with total pay across Wales falling by more than £2.3bn. The union has released figures on the Welsh economy to coincide with the launch of its Britain Needs a Pay Rise campaign.

The TUC says wages failing to keep pace with inflation, reduced working hours and the replacement of middle and relatively well-paid public sector jobs with lower paid jobs in the private sector, have contributed to the fall.