People in work had 4.3% more spending power last year


Despite coronavirus, spending power actually rose by 2.2% last year, the biggest increase since 2016, national statistics agency CBS said on Wednesday.

Pay rises boosted the spending power of people in work by an average of 4.3%, the CBS said. The average nationally-agreed pay rise in 2020 was 2.9%.

Government policy also contributed to the increase in spending power, in the form of shifts in income tax and other tax and premium changes.

Inflation averaged 1.3% last year.

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