Island Labour Chair, Julian Critchley shares this latest news. In his own words. Ed
The BBC today (Wednesday) published details of how the parts of the country worst hit after nine years of Tory rule were concentrated around the coast.
Isle of Wight workers are some of the most badly hit by Tory policies over the last decade. Statistics by the Office for National Statistics (ONS) show that most workers have suffered real terms pay cuts as a result of inflation rising faster than stagnant wages.
Median weekly wage lover than national average
However, on the Isle of Wight, absolute wages actually fell from 2017 to 2018, meaning that in 2018, the median Island worker was earning just £18 a week more than in 2010, despite inflation having raised the cost of living by 25% over the same period.
The median Island wage in 2018 was £481 per week. This is significantly lower than not just the South East median of £615 per week, but also the national median of £571.
Critchley: A real-terms 25% pay cut
Island Labour Chair, Julian Critchley said:
“These are awful statistics, but everyone on the Island will recognise them. Essentially, due to the last nine years of Tory austerity, the average Islander has had a real-terms 25% pay cut. That’s an astonishing reduction in our standard of living, unprecedented in modern times.
“While the whole country has suffered under the Tories, coastal areas such as the Island have suffered disproportionately, as these statistics show.
Government announcements need to be seen in context
He went on to say,
“Announcements such as the Government’s much-publicised high streets grants need to be seen in this context: they are an inadequate drop in the ocean of need created by the Tory government.
“Only a large and targeted programme of public investment can start to repair the damage caused by this government’s policies. The Labour Party is committed to such a programme of investment. Our Green New deal. for example, will boost the offshore wind programme with 37 new wind farms, creating an estimated 60,000 new jobs in coastal areas.
“Citibank note that the UK economy would grow by 5% more under a Labour government than Johnson’s Tories over the next three years. The Institute for Fiscal Studies have also confirmed that Labour’s policies to address low pay would see low-income families thousands of pounds better off.
“A Labour government is now a necessity for the Island. We can simply no longer afford the Tories’ economic incompetence.”