A new analysis has shown that people have suffered a significant reduction in purchasing power over the last year.

New figures from the Office of National Statistics (ONS) have revealed that real wages are falling at their fastest rate in more than a decade – 3.7% in just one year.

Cherwell Labour have published an analysis which shows the average worker in Cherwell had suffered a reduction of £1,220 in the last 12 months.

The party claims to have a plan to tackle the cost-of-living crisis, which includes cutting VAT on home energy bills, reducing energy bills y insulating 19 million homes, cutting small business rates and buying, making and selling more in Britain.

Labour’s leader on Cherwell District Council, Sean Woodcock said: “This conservative government has downed tools while the rest of us face the worst cost of living crisis in generations.

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“Wages are collapsing in Cherwell and we are all feeling the pinch – yet this zombie government is nowhere to be seen.

“But Labour has a plan to help families in Cherwell now. We would cut VAT on energy, insulate homes to lower bills, cut small business rates and buy, make and sell more in Britain.

“This government is stale, failing and out of ideas, and the Conservatives are too busy fighting amongst themselves to act.

“It’s time for a fresh start with Labour.”


Read more from this author

This story was written by Matthew Norman, he joined the team in 2022 as a Facebook community reporter.

Matthew covers Bicester and focuses on finding stories from diverse communities.

Get in touch with him by emailing: Matthew.norman@newsquest.co.uk

Follow him on Twitter: @OxMailMattN1

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