TUC - workers in Liverpool are set to be £490 a year worse off this year than in 2021

PAY packets in Liverpool are set to be worth £490 a year less this year; in real terms, that is once inflation has been taken into consideration; than in 2021, according to new TUC analysis.

The analysis of official data shows that average real wages will fall by around £490 a year compared to 2021.

The stark findings that have been published as the TUC brought together Union leaders and workers at the Adelphi Hotel, in Liverpool, ahead of a national demonstration to demand better for working people.

The analysis shows the median salary in Liverpool in 2021 was £25,005. TUC analysis, based on Office for Budget Responsibility forecasts, shows the value of wages in Liverpool will fall by around £490 as inflation outstrips the increase in wages.

The TUC says years of stagnating pay have left workers:- "badly exposed" to Britain's cost of living crisis.

The union body says that without additional help from the Government families will be pushed to breaking point this year.

The TUC is calling for Government to take urgent action to raise wages and protect families from spiralling energy bills.

The TUC says Ministers must do far more to give families long term financial security. The union body is calling on the chancellor to announce an emergency budget to help workers cope with the rising cost of living.

The TUC says Ministers must...

Raise wages by:-

► Working with unions and employers on sector wide fair pay agreements.

► Raising the minimum wage to at least £10 an hour now.

► Boosting key worker pay in the public sector to at least meet the cost of living.

Reduce household costs by:-

► Introducing a windfall tax on energy companies and using the funds to provide struggling households with energy grants.

► Rolling out a rapid programme of home insulation.

► Boosting universal credit and sick pay.

TUC General Secretary Frances O'Grady said:- "People shouldn't be struggling to cover the basics. But pay packets in Liverpool have taken a rapid fall; in real terms; in just 12 months. And years of wage stagnation have left workers badly exposed to Britain's cost of living crisis. Families are struggling to cope with soaring bills and prices. Things can't go on like this. Ministers must do far more to get pay rising, and to protect workers from skyrocketing household costs. That means sitting down with unions and employers to develop industry-wide fair pay agreements. And it means it means imposing a windfall tax on energy profits and using the money raised to give hard-pressed households energy grants; not loans. We're marching on 18 June to demand better for all workers."

TUC North West Regional Secretary Jay Mckenna added:- "Families are under intolerable financial pressure with costs spiralling out of control. We're bringing unions, local workers, and community activists together to say enough is enough. The Government must do more to help working people have a decent standard of living. Now is the time for workers to come together."

But many small businesses are warning that they could be pushed under by any more rises in wages, leading to many more job losses. Several small businesses have pointed out that:- "It sounds good to pay more to your staff, and most of us would if we could, but we just can not do this. Unions often over look small businesses, focussing attention on large businesses, whose staff make up the majority of their membership. Without support, any more increases will push most small shops and businesses under, leading to our dependence on mostly multi national owned businesses. This will have a devastating long term impact on our country and our long term economic standing. if the UK Government does increase wages, they must step in to help small businesses, by helping them to keep going. This could easily be archived and would help to make our Towns and Cities thrive and look unique again."

What are your thoughts on this issue? Please do email us your views to:- News24@SouthportReporter.Com.

Majority of Brits look to cut costs as managing finances deemed 'overwhelming' for many

61% of UK adults are actively looking to reduce the amount they spend this year compared to 2021 as the cost of living crisis takes its toll, according to a recent YouGov survey conducted with over 2000 UK adults.

The survey, commissioned by General Insurance provider Paymentshield, also revealed that 18% find managing their finances 'overwhelming.'

Despite this, many may be reluctant to ask questions that would help them manage their money more effectively. In an effort to find out what Brits struggle to talk about, the survey asked respondents to state which topic they find most uncomfortable to ask questions about. From a list of eight, finance was ranked as the 2nd most uncomfortable topic.

This puts it ahead of political correctness and politics in general when it comes to question anxiety, with only medical health narrowly pipping it to the top spot; though finance did claim pole position amongst 18 to 24 year olds.

It comes at a time when the rising cost of living may naturally have triggered greater uncertainty about finances in particular, and how to manage them effectively.

Rob Evans, CEO of Paymentshield, comments:- "Our research tells us that there seems to be a relatively high level of unease associated with asking questions about certain topics, whether that be our health, finances or politics. But in each instance, the consequences of not getting the answers we need are far worse than any temporary feelings of mild embarrassment. Through this year's National Conversation Week, we hope to reassure people that there really are no stupid questions when it comes to such important matters. Managing finances in particular can be incredibly complex, and financial products and tools often seem impenetrable due to jargon-heavy descriptors. We know that many people find it overwhelming at the best of times - something that the current cost of living crisis has undoubtedly made even more acute. Whatever the issue is, we would urge people not to struggle in silence."

The research was relesed ahead of National Conversation Week, a campaign spearheaded by Paymentshield to encourage people to talk more about the issues they're struggling has been taking place which aimed to relieve question anxiety surrounding important issues that can have a lasting impact.