1 00:00:00,080 --> 00:00:02,720 Your pay can rise while getting ahead 2 00:00:02,800 --> 00:00:03,880 feels harder. 3 00:00:04,160 --> 00:00:06,160 The timeline explains a lot. 4 00:00:06,400 --> 00:00:08,640 Over the full thirty years from nineteen 5 00:00:08,720 --> 00:00:12,400 ninety-five to twenty twenty-five, typical full-time cash 6 00:00:12,480 --> 00:00:14,880 pay rose about one hundred and sixty-five 7 00:00:15,040 --> 00:00:15,520 percent. 8 00:00:15,920 --> 00:00:18,080 Food prices rose less over that whole 9 00:00:18,160 --> 00:00:18,760 period. 10 00:00:18,960 --> 00:00:21,200 But average home prices rose more than 11 00:00:21,280 --> 00:00:23,920 four hundred percent, and gas prices more 12 00:00:24,040 --> 00:00:26,240 than three hundred and sixty percent. 13 00:00:26,320 --> 00:00:28,760 Now zoom in to the recent squeeze. 14 00:00:28,960 --> 00:00:32,240 Between twenty twenty-one and twenty twenty-five, typical 15 00:00:32,400 --> 00:00:35,440 pay rose about twenty-six percent, but food 16 00:00:35,600 --> 00:00:37,680 rose about thirty-six percent. 17 00:00:37,760 --> 00:00:39,040 Who feels that most? 18 00:00:39,520 --> 00:00:42,720 Lower-income households devote about forty-one percent of 19 00:00:42,800 --> 00:00:45,760 their spending to food, housing and energy. 20 00:00:45,800 --> 00:00:47,840 For the highest-income fifth it is about 21 00:00:47,920 --> 00:00:48,800 twenty percent. 22 00:00:49,200 --> 00:00:51,560 There are real lives behind the budgets. 23 00:00:51,760 --> 00:00:54,480 Trussell describes Lowri, a single mum who 24 00:00:54,560 --> 00:00:55,840 had to close her business. 25 00:00:56,240 --> 00:00:58,080 She and her daughter needed a food 26 00:00:58,160 --> 00:00:58,480 bank. 27 00:00:58,960 --> 00:01:00,880 That is not proof that every worker 28 00:01:00,960 --> 00:01:02,880 is worse off than thirty years ago. 29 00:01:03,200 --> 00:01:05,840 Averages cannot tell us who has savings, 30 00:01:05,920 --> 00:01:07,840 who owns a home, or whose income 31 00:01:07,920 --> 00:01:08,720 has stopped. 32 00:01:08,960 --> 00:01:11,760 The international comparison adds another clue. 33 00:01:11,840 --> 00:01:14,480 Over thirty years, output per worker grew 34 00:01:14,640 --> 00:01:17,280 about sixty-one percent in the United States, 35 00:01:17,320 --> 00:01:19,600 and about thirty-three percent in Britain. 36 00:01:19,840 --> 00:01:21,280 This is not a verdict on how 37 00:01:21,440 --> 00:01:22,840 hard people try. 38 00:01:23,040 --> 00:01:26,640 Better equipment, skills and organisation can raise 39 00:01:26,720 --> 00:01:28,920 what an hour or a job produces. 40 00:01:29,120 --> 00:01:31,360 Whether the gains reach wages is another 41 00:01:31,440 --> 00:01:32,160 question. 42 00:01:32,400 --> 00:01:34,520 People are worried about jobs too. 43 00:01:34,720 --> 00:01:37,520 In the same August survey, fifty-four percent 44 00:01:37,600 --> 00:01:40,320 named employment as an important issue, compared 45 00:01:40,440 --> 00:01:42,800 with thirty-one percent two years earlier. 46 00:01:43,040 --> 00:01:46,080 So judge progress by spending power after 47 00:01:46,120 --> 00:01:49,200 the essentials, secure work and who shares 48 00:01:49,240 --> 00:01:49,840 the gains. 49 00:01:50,240 --> 00:01:53,600 Health, affordable housing and skills are economic 50 00:01:53,680 --> 00:01:54,720 policy too. 51 00:01:55,234 --> 00:01:56,960 Compare the timelines and see what could 52 00:01:57,040 --> 00:02:01,760 change at www dot uk-statpack dot co 53 00:02:01,840 --> 00:02:02,720 dot uk.