British workers will see their disposable incomes shrinking this year as a result of rising inflation that will peak at 3.4%, the National Institute of Economic & Social Research said.
Wage rises would be capped at only 2.7% on average, leaving workers to face the largest real-terms cut in their take-home pay since early 2014.
NIESR said wage growth was likely to pick up over the rest of the year, but remain well below inflation, denying the average worker a real terms rise.
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