Report claims rise of the City has sucked £7,000 a year from the pockets of other workers
A report by the Trade Union Congress claims that the rise of the City has sucked £7,000 a year from the pockets of other workers. The report titled ‘Where Have All the Wages Gone?’, found that over the last 30 years the share of national income going to wages has fallen from 59 to 53 per cent, according to The Independent. Yet over the same period the proportion of Gross Domestic Product going to profits has increased from 25 to 29 per cent. The report blames the decline of industries such as manufacturing where a high proportion of revenue goes to wage bills and the rise of financial services which makes far higher profit margins from fewer employees.