Cost of living has soared since 2010, Labour Party claims

Londoners have seen their real term wages drop by £42.30 per week since the coalition government came to power in 2010, Labour has claimed.

The Party has published research which it says shows prices have risen faster than wages in 36 out of the 37 months in which prime minister David Cameron has been in power.

That would equate to the capital’s residents losing £2,200 per year since the election, with Labour insisting that wage rises have not kept pace with inflation.

Tower Hamlets Labour’s spokesman for work and economic growth, Cllr Anwar Khan, said: “Over the three years since David Cameron came to power people in the East End have seen prices rising and their wages frozen.

“The government was warned about the effect their destructive economic policies would have but now we are seeing the real cost, average people £2,200 a year worse off.”