UK salary gap widens
Published On 16 January 2008
A huge wage divide has opened up in the UK over the last few years, a money education charity claimed.According to Credit Action, wages for some people have "exploded", creating a greater gap between the overpaid and underpaid.
Director Chris Tapp observed that while wages for City workers, lawyers and bankers have been going up and up, those at the bottom end of the pay bracket have not seen a substantial rise in wages.
Mr Tapp said that the wages of people in this group are disproportionate to the rate of inflation, commenting: "For a lot of people in recent years and still now, the rate at which their wages are going up is substantially slower than that of the cost of living."
"For a lot of people that means that their weekly budgets and the amount of money they've got spare is being tightened up," he added.
Research by HSBC and the Economist Intelligence Unit found that the UK is the third most expensive European country to live in.
