Families have been warned by the Bank of England to expect an effective pay cut in the coming months because of the economic climate. In a blunt warning issued in a key report, the Bank also said that it is too early to conclude that unemployment has peaked. It said that although thus far many workers had been willing to accept pay reductions, or reluctantly to work part-time, employees may have failed to realise that the costs of goods and services are likely to rise faster than their wages in coming months.
– Edmund Conway, Telegraph (Photo: ALAMY)
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