Latest news with #LaurieMacfarlane
The National
15-05-2025
- Business
- The National
Average Scot '£15k per year worse off due to austerity-hit wages'
The data, published by the independent think tank Future Economy Scotland, found that Scots are earning on average just £8 per week more than they were in 2008 – an increase of just 1% over 17 years. Before the 2008 financial crash, the think tank said, real-terms earnings were growing by 2.2% per year. If the trend had continued, projections said that the average full-time worker in Scotland would be £297 better off per week – or around £15,450 over a year. (Image: Future Economy Scotland) Future Economy Scotland said that in 2024 the average full-time worker in Scotland earned £38,464 a year. If earnings had instead grown in line with pre-crisis trends, the same worker would be earning £53,923 today. Laurie Macfarlane, Future Economy Scotland co-director, said: 'Never in modern times have Scots seen their earnings grow so little over a 16-year period. 'Our analysis shows that if wages had instead grown as normal since 2008, the average full-time worker would be over £15,000 a year better off. For many households, this is the difference between economic security and living on the breadline. 'Although real earnings are now rising slowly again, the damage inflicted by disastrous austerity and runaway inflation cannot be undone. READ MORE: Glasgow City Council warn Celtic supporters against 'disruptive' trophy day gathering 'Rather than scapegoating migrants for the country's economic failures, the debate must focus on the real culprit: a broken economic model. 'As we enter an election year, there is an urgent need for political parties to embrace bold new ideas to transform the economy. Scotland simply can't afford yet another five-years of economic failure.' The think tank said that it used data from the Office for National Statistics (ONS) and its Annual Survey of Hours and Earnings. It added that all figures have been adjusted for inflation to represent 2024 prices using the Consumer Price Index (CPI).
Daily Record
15-05-2025
- Business
- Daily Record
Scots workers £15,000 a year worse off due to flatlining wages and 'runaway inflation'
Real average weekly earnings in 2024 were just £8 higher than they were in 2008. Hard-pressed Scots workers are £15,000 a year worse off than they should be due to flatlining wages and the impact of " runaway inflation", a new report has warned. Research by the Future Economy Scotland think tank found workers would be £297 a week richer if wages had continued to grow "as normal" after 2007/08 financial crash. It found real average weekly earnings in 2024 were just £8 higher than they were in 2008 – equivalent to an increase of just one per cent over the past 16 years. Laurie Macfarlane, co-director of the think tank, said wage growth in Scotland remains historically low. Never in modern times have Scots seen their earnings grow so little over a 16-year period,' he said. "Our analysis shows that if wages had instead grown as normal since 2008, the average full-time worker would be over £15,000 a year better off.' Macfarlane said for many households, this meant the difference between economic security and 'living on the breadline'. He went on: 'Although real earnings are now rising slowly again, the damage inflicted by disastrous austerity and runaway inflation cannot be undone. 'Rather than scapegoating migrants for the country's economic failures, the debate must focus on the real culprit: a broken economic model. 'As we enter an election year, there is an urgent need for political parties to embrace bold new ideas to transform the economy. 'Scotland simply can't afford yet another five years of economic failure.' The Labour Government last month took steps to address persistent low pay rates across the country by raising both the National Living Wage and National Minimum Wage. The UK Government said the changes, which follow a recommendation from the Low Pay Commission last year, mean a full-time worker earning the living wage will see a £1,400 increase in their annual salary. An estimated 220,000 workers in Scotland will receive an uplift as a result of the increased rates. The National Living Wage for workers aged 21 and over has increased 6.7 per cent, from £11.44 to £12.21 per hour. The National Minimum Wage for workers aged 18-20 sees a record increase of 16.2 per cent, from £8.60 to £10 per hour. And the minimum wage for those under-18 has increased by 18 per cent, to £7.55 per hour.
The Independent
15-05-2025
- Business
- The Independent
Scots £15,000 a year poorer due to flatlining wages, research finds
Flatlining wages mean Scots are now £15,000 a year poorer than they should be, research has found. According to analysis by the Future Economy Scotland think tank, workers would be £297 a week richer if wages had continued to grow 'as normal' after 2007/08 financial crisis. Real average weekly earnings in 2024 were just £8 higher than they were in 2008, the researchers said – the equivalent to an increase of just 1% over the past 16 years. If earnings had continued to grow at the pre-crisis rate of 2.2%, Future Economy Scotland – which analysed figures from the ONS – said that would be the equivalent of £15,000 a year. The average full-time salary in Scotland in 2024 was £38,464, meaning the same worker would now be paid £53,923 had salaries risen as expected. Laurie Macfarlane, co-director of the think tank, said wage growth in Scotland is historically low. 'Never in modern times have Scots seen their earnings grow so little over a 16-year period,' he said. 'Our analysis shows that if wages had instead grown as normal since 2008, the average full-time worker would be over £15,000 a year better off.' Mr Macfarlane said for many households, this meant the difference between economic security and 'living on the breadline'. He went on: 'Although real earnings are now rising slowly again, the damage inflicted by disastrous austerity and runaway inflation cannot be undone. 'Rather than scapegoating migrants for the country's economic failures, the debate must focus on the real culprit: a broken economic model. 'As we enter an election year, there is an urgent need for political parties to embrace bold new ideas to transform the economy. 'Scotland simply can't afford yet another five years of economic failure.'
Yahoo
15-05-2025
- Business
- Yahoo
Scots £15,000 a year poorer due to flatlining wages, research finds
Flatlining wages mean Scots are now £15,000 a year poorer than they should be, research has found. According to analysis by the Future Economy Scotland think tank, workers would be £297 a week richer if wages had continued to grow 'as normal' after 2007/08 financial crisis. Real average weekly earnings in 2024 were just £8 higher than they were in 2008, the researchers said – the equivalent to an increase of just 1% over the past 16 years. If earnings had continued to grow at the pre-crisis rate of 2.2%, Future Economy Scotland – which analysed figures from the ONS – said that would be the equivalent of £15,000 a year. The average full-time salary in Scotland in 2024 was £38,464, meaning the same worker would now be paid £53,923 had salaries risen as expected. Laurie Macfarlane, co-director of the think tank, said wage growth in Scotland is historically low. 'Never in modern times have Scots seen their earnings grow so little over a 16-year period,' he said. 'Our analysis shows that if wages had instead grown as normal since 2008, the average full-time worker would be over £15,000 a year better off.' Mr Macfarlane said for many households, this meant the difference between economic security and 'living on the breadline'. He went on: 'Although real earnings are now rising slowly again, the damage inflicted by disastrous austerity and runaway inflation cannot be undone. 'Rather than scapegoating migrants for the country's economic failures, the debate must focus on the real culprit: a broken economic model. 'As we enter an election year, there is an urgent need for political parties to embrace bold new ideas to transform the economy. 'Scotland simply can't afford yet another five years of economic failure.' Sign in to access your portfolio
