Ten years on in the financial crash workers suffer as bankers thrive

Bankers have experienced their pay increase by 9.3 percent since 2009 as average wages fall by 3.1 percent, new figures show.

In 10 years since the financial crash the typical worker continues to be left nearly 1,000 worse off annually in tangible terms, the Trades Union Congress found.

But the normal worker in finance or insurance has witnessed their pay increase by 9.3 per cent in a decade, providing them with an additional 119 per week or 6,188 a year.

TUC general secretary Frances O'Grady said: “It's wrong that pay is racing ahead in the City when most working people continue to be worse off than the usual decade ago.

“The architects from the financial crisis are earning record amounts as teachers and nurses struggle to manage.”

Average earnings for staff in health, social work and education fell by 7.6 percent, leaving them 1,872 annually worse off, the TUC figures show.

Staff in drink and food manufacturing faced a 9.1 per cent cut – worth 2,704 a year.

The TUC is looking for a 10 national minimum wage as well as for workers to be elected onto wage-setting committees.

It has urged ministers to lift a pay rise cap on public sector employees to raised levels above inflation.

The Treasury said: “Wages continue to grow faster than inflation. Last month we increased the nation's Living Wage by nearly five per cent to eight.21 an hour or so.”

The Treasury said: “Wages continue to grow faster than inflation. Last month we increased the National Living Wage by nearly five percent to eight.21 an hour or so.”