This lack of production meant wages delivered relativity little in the way of purchasing power.

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The enthusiasm with which they are cultivated reflects low wages and lack of work elsewhere in the economy.

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In his view, which has some prominent supporters, it is not a lack of supply, but a fall in real wages which has helped maintain employment and profits in an environment of slow demand.

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Poverty wages and a lack of benefits, training and career pathways mean turnover is constant.

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But the U.K. has been experiencing the wrong sort of inflation: prices have been rising, but wages have remained static, reflecting the lack of bargaining power for workers in a globalized economy.

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So the problem is in the low real wages and low level of demand, not a lack of available supply.

BBC: George Osborne must weigh supply against demand