Halifax: Middle-class wages growth doubles inflation

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Halifax: Middle-class wages growth doubles inflation

Growth in wages among the 'affluent' class - the top 20 per cent of earners - has grown by more than double the rate of inflation in the class over the past ten years, according to Halifax Financial Services.

Since 1997, wages among the so-called middle class have grown at a rate of 42.8 per cent. By comparison, the rate of middle-class inflation was 18.2 per cent.

This growth represents a faster rate than that experienced by the median worker, whose wages have increased by 39.5 per cent over the decade.

"The affluent classes have seen their earnings rise by more than twice the increase in prices over the past decade," said Tim Crawford, group economist at Halifax Financial Services.

"They have also become better-off compared to the typical household."

Halifax has also welcomed the recommendation of a Treasury select committee that banks, building societies and National Savings providers should seek to reunite customers with dormant accounts.

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