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What is £8ph in 2020 worth in 2014 £s?!
michaels
Posts: 29,249 Forumite
Assuming average inflation of 2.5% pa over 6 years (unreasonable?) it is worth 6.89.
Current minimum wage is 6.50.
So a real terms increase of 6% over 6 years - not nothing but hardly enough to make a real difference to people's lives, is this the best Labour can offer the low paid?
I gues sit works because those who can understand maths (and possibly also understand about pricing out of jobs) can see it is not really any sort of a promise and those who can't think it sounds really generous?
Perhaps the Tories should counter with a minimum weekly pension of £335 in 2050....
Current minimum wage is 6.50.
So a real terms increase of 6% over 6 years - not nothing but hardly enough to make a real difference to people's lives, is this the best Labour can offer the low paid?
I gues sit works because those who can understand maths (and possibly also understand about pricing out of jobs) can see it is not really any sort of a promise and those who can't think it sounds really generous?
Perhaps the Tories should counter with a minimum weekly pension of £335 in 2050....
I think....
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I think over the long term, and certainly during good years, you'd expect wages to outpace inflation by about that.
It's a non-announcement.“I could see that, if not actually disgruntled, he was far from being gruntled.” - P.G. Wodehouse0 -
So a real terms increase of 6% over 6 years - not nothing but hardly enough to make a real difference to people's lives, is this the best Labour can offer the low paid?
Governments should stick to increasing personal tax allowances to improve the lot of the low paid. Rather than impose a cost burden on business. Not that I'm anti minimum wage concept. In an age where factory workers in China still work 70 hours a week and live in dormitories. Increasing the number of available low skilled jobs is still a priority.0 -
Thrugelmir wrote: »Governments should stick to increasing personal tax allowances to improve the lot of the low paid. Rather than impose a cost burden on business. Not that I'm anti minimum wage concept. In an age where factory workers in China still work 70 hours a week and live in dormitories. Increasing the number of available low skilled jobs is still a priority.
Polling suggests that Labour's promise to reintroduce the 10% tax rate is more popular than the coalition's plans to increase the personal tax allowance even though the later is obviously (to those who grasp basic maths anyway) more beneficial....I think....0 -
Polling suggests that Labour's promise to reintroduce the 10% tax rate is more popular than the coalition's plans to increase the personal tax allowance even though the later is obviously (to those who grasp basic maths anyway) more beneficial....
People are idiots.
Very quick google. I found an ONS report that states that the median wage in real terms increased by 1.7% annually in the seven years to 2009. £8 could easily be a real terms cut if we saw an upturn in wages.“I could see that, if not actually disgruntled, he was far from being gruntled.” - P.G. Wodehouse0 -
Polling suggests that Labour's promise to reintroduce the 10% tax rate is more popular than the coalition's plans to increase the personal tax allowance even though the later is obviously (to those who grasp basic maths anyway) more beneficial....
Same policy as Labour was touting some 18 months or so ago. Funded by a mansion tax if I recall. Sounds good to voters. Fails to deliver in all other aspects.0 -
£8 could easily be a real terms cut if we saw an upturn in wages.
With the attention on Scotland and domestic matters. Easy to forget that there's been plenty of poor economic data elsewhere recently. Events in Europe in particular are going to have a major bearing on the UK's recovery. Nor are the UK's budget issues resolved. A topic which has to be addressed by all the parties in the lead up to the GE next year.0 -
People are idiots.
Very quick google. I found an ONS report that states that the median wage in real terms increased by 1.7% annually in the seven years to 2009. £8 could easily be a real terms cut if we saw an upturn in wages.
Anyone who votes for Ed is an idiot.
I can't see how anyone with half a brain could vote for a moron like that.0 -
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