New figures today from the ONS reveal that real wages (excluding bonuses) are falling at their fastest rate in a decade. New analysis published by Mansfield Labour reveals that the average worker in Mansfield has suffered a reduction of £529.94 in the last 12 months.

Labour has a plan to tackle the cost of living crisis which will

1. Stabilise the foundations of our economy by providing emergency support for business
2. Provide security for the winter and beyond by acting immediately on insulation and nuclear and renewable energy with Labour’s Green Energy Sprint
3. Put in place a longer-term approach to economic growth and security

Publishing the new analysis, Labour’s Andy Abrahams said,

“The cost of living crisis is getting worse and worse, the Conservatives are utterly failing to get a grip on falling living standards and we are all paying the price.

“Real wages in Mansfield are tumbling and every single one of us is feeling the pinch. Labour has a plan to tackle the cost of living crisis – we’d take real action to help businesses, bring down energy bills and get the economy moving again.”

“The Conservatives are so mired in scandal and busy fighting amongst themselves that they are failing to do what they were elected to do – serving the hard working families of this country.”

ENDS

Notes to Editors

Today’s Labour Market Statistics from the ONS can be found here: https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/bulletins/uklabourmarket/previousReleases

Real pay excluding bonuses fell by 2.2% in the year to April

https://www.bbc.co.uk/news/business-61794166

Average wages by local authority can be found here:

https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/earningsandworkinghours/datasets/placeofresidencebylocalauthorityashetable8

In Mansfield the average worker saw real wages (excluding bonuses) fall by £529.94

[link to data]

Labour’s plan for a stronger more secure economy will:

1. Stabilise the foundations of our economy by providing emergency support for business, reducing their costs and limiting the price rises they pass on to consumers. This includes:

• A £600m contingency fund to support struggling firms and energy intensive industries, paid for by the one-off windfall tax on oil and gas producers announced by Labour in January.
• A cut in business rates for small and medium-sized businesses, paid for by a temporary increase in the Digital Services Tax.

2. Provide security for the winter and beyond by acting immediately on insulation and nuclear and renewable energy with Labour’s Green Energy Sprint. This includes:

• A plan to cut energy bills by up to £400 a year by insulating 19 million homes over the next 10 years. Labour first called for this in September 2021, and if the government had taken action then more than 2 million homes could be insulated by this winter.
• Turbocharging the drive for home-grown renewable and nuclear energy capacity, so that we are less exposed to global energy prices. Labour will double onshore wind by 2030, double offshore wind by 2035, triple solar power by 2030, and invest in tidal, nuclear, hydrogen.

Investment in the grid and reforms to planning to accelerate the roll-out of cheap, clean, home-grown energy that communities want to see.

3. Put in place a longer-term approach to economic growth and security. Labour will strengthen the foundations of the economy, ensure that we buy, make and sell more in Britain, and partner with business to make Britain a world-leader in the industries of the future. This will create jobs and growth in all parts of the country, and help secure the economy against future shocks. This includes:

• Strengthening supply chains:
  • Making Brexit work by sorting out problems at British ports and cutting red tape on importers, ensuring that Brexit doesn’t weaken our European supply chains.
  • Buy, make, and sell more in Britain, to shorten supply chains and make our economy more resilient to global events. That means investing in reshoring, ensuring more public contracts go to British companies, and standing up for domestic industries.
  • Develop a robust competition and takeover regime to strategically protect the productive capacity of British firms, including from hostile takeovers and asset strippers, and to reduce hasty lay-offs in recession. We will also scrap the private equity carried interest loophole to reduce some of the tax incentives that have led to asset stripping.
• Developing an industrial strategy, working hand-in-hand with trade unions and businesses, that will:
  • Help British businesses lead the world in growing high-tech industries like life sciences, the digital sector, electric cars and renewable energy
  • Improve jobs and wages in the industries that make up our everyday economy in sectors like retail, hospitality and care.
• Introducing Labour’s climate investment pledge, which will catalyse private sector investment and bring good, sustainable jobs to all parts of the country. For example, we will:
  • Build the factories that will allow our world-class electric vehicle industry to thrive
  • End the offshoring of offshore jobs and bringing industry back to the UK
  • Secure the future of our steel industry by winning the global race for green steel production.
• Supporting start-ups and growing businesses, including:
  • Making the business tax system fit for the 21st century by scrapping business rates and replacing them with a system that will incentivise investment and level the playing field between high street businesses and global giants.

That is Labour’s plan for a stronger, more secure economy – one that addresses the immediate challenges we face, while creating the conditions we need for growth and prosperity in the future so that Britain can once again fulfil its potential.