Quick links to latest articles:

16 million Britons facing pay freeze

By Nicholas Boyle

Research by comparison site uSwitch.com has revealed that sixteen million Britons are facing a pay freeze this year.

Just one in 10 workers has been given a pay rise so far this year, with three quarters of these receiving an increase below the rate of inflation.

The average pay rise stands at just 3.4%, which means people in that category are effectively receiving a pay cut once the current rate of inflation (4%) is taken into account.

Household confidence is now at its lowest level ever recorded, with 41% of workers worried about their job security.

Ann Robinson, a director at uSwitch.com, commented: "Household budgets are feeling the strain.

"Consumer confidence needs to be on the up if the economy is going to improve, but with household bills soaring and pay in real terms falling, confidence is plummeting."

A spokesperson at Think Money added: "We would advise anyone worried about their job security to make sure their personal finances are in order. Creating a simple budget, for example, or cutting back on non-essential expenditure, can help them prepare for any financial surprises the future may hold."

Tags: pay freeze, pay, salary, money, inflation, rate of inflation, job, employment

Fees payable when continuing service is provided. Repaying debt over a longer period may increase the total amount to be repaid. Calls are recorded and are usually free from UK landlines. Mobile phone users may be charged and should check with their service provider. Cards are provided by third parties and are subject to eligibility, status and terms and conditions. Applicants must be UK residents aged 18 or over.

All About Money Limited © 2013. All rights reserved. 42 Boston Rd, Sleaford, Lincolnshire NG34 7ER.