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Teddy Sheringham
Well it does represent soaring wage growth, yes. Wage growth, however, is an inflationary pressure, and inflation has been at or above wage growth since the Russian invasion of Ukraine and one of the highest tax burdens post-war mean that people generally do not feel better off.
That is because they aren't. Come on. Let's dispense with the technical language here and just admit that the large, grey pachyderm in the corner is, indeed, an elephant. Proportionately, the average person is having a much harder time economically right now than a decade ago. Can we agree on that?