Wage cuts deepest since records began

Britain's workers have suffered more financial pain since 2008 than in any five-year period of the modern age, according to research by a leading tax think-tank that shows employees have sacrificed pay to keep their jobs. Describing this downturn as the longest and deepest slump in a century, the Institute for Fiscal Studies says workers have suffered unprecedented pay cuts of 6% in real terms over the last five years.