Households would be £4,300 a year better off if pay growth in the UK had matched average wages in Germany and the US since 2010, research from the Resolution Foundation shows.

Real average wages are only £16 a week higher than they were at the time of the 2010 election, compared to growth of £145 between 1996 and 2010.

Hannah Slaughter, senior economist at the Resolution Foundation, said the UK has suffered from a “prolonged pay depression”.

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