varied by region<\/a> but overall has been surprisingly strong. How costly, in terms of wages, is Christmas shopping \u2013 and how has it changed over time?<\/p>\n\n\n\nLet\u2019s start with real wages \u2013 pay adjusted for inflation \u2013 and how they have changed. Pay in real terms is a key metric of economic wellbeing. For individuals, higher inflation-adjusted pay means their money goes further. At an aggregate level (since household consumption accounts for around two-thirds of GDP), it tends to point to economic expansion too.<\/p>\n\n\n\n
How have wages changed across the UK regions?<\/h3>\n\n\n\n
Figures 1 and 2 track the median hourly wage across the four nations of the UK. Taking the country as a whole, hourly pay has risen 92% over this period: from \u00a37.83 per hour in 1997 to \u00a315.07 in 2020. But the national picture hides local stories, perhaps the most striking of which have been developments in Scotland.<\/p>\n\n\n\n
In 1997, Scotland was level pegging with Wales on this metric, and lagging behind England (Figure 1). Over time, Scottish hourly pay has caught up and is now higher than south of the border. The charts are interactive: click on the legends to highlight the nation you are interested in.<\/p>\n\n\n\n
Figures 1 and 2: Hourly median wage, UK nations<\/h4>\n\n\n