Unions must fight for the worst off
Real wages in Britain have dropped further, and for a longer time, than since records began. The wage share of total income has dwindled since the mid 70s. It has dropped even further since 2010, although usually in economic slumps the wage-share recovers a bit (because profits rise faster in booms, fall faster in slumps). The overall wage figures tell only part of the story. Both higher “wages” (the pay-outs which bosses award themselves) and higher wages proper (for the best-off workers, managers, etc.) have held up well. At the top end, they have soared. The lower-paid have suffered worst...