Figures released by ONS Tuesday 15 March show that the cost-of-living crisis is beginning to bite even before bills and taxes go up significantly next month.
The figures show wage growth lagging behind the cost of living across the economy and a 100,000 drop in the number of self-employed people.
Mike Clancy, Prospect’s General Secretary, responded:
“Today’s figures show that the cost-of-living crisis is already beginning to bite, even before households face a big hit from energy bills set to soar next month.
“If the Government is serious about building a high-productivity, high-wage economy, then it needs commit to a long-term industrial strategy that raises investment, skills and productivity across the country – and strengthen worker voice through collective bargaining that delivers fair wage increases.
“The further contraction in the number of self-employed people suggests that the failure to provide comprehensive support during the pandemic has made it a less attractive option for workers.
“The Government must investigate what’s behind the missing 688,000 self-employed roles and make sure future support in an economic crisis is available to all workers who need it. ”