An analysis of official figures carried out by the Trades Union Congress (TUC) has revealed that profitability amongst UK businesses has risen significantly over the past decade.
The analysis, which made use of data published by the Office for National Statistics (ONS), showed that corporate profitability reached 12.6% during 2017, up from 11.4% in 2007.
Meanwhile, profitability amongst companies in the UK’s services sector rose to 19.1%.
However, the TUC found that real wages fell by 4.4% over the same period, prompting it to call for a pay rise for UK workers.
Commenting on the issue, Frances O’Grady, General Secretary of the TUC, said: ‘Working people aren’t getting their fair share. Profitability is up, but real wages are still in freefall.
‘It’s especially galling to see so many people on poverty pay in the service sector, where profits have shot up.
‘Not only does Britain deserve a pay rise, but this evidence shows that business can afford it too.’