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Since the pay award, however, inflation has taken off.
By most measures on Wall Street, Mr. Gorman's pay award was muted.
This far outstripped the 2% average pay award across the private sector in 2015.
Balls's statement comes despite previous Labour criticism of the 1% pay award.
The 1972 national miners' strike was the first since 1926 and it was vindicated by Lord Wilberforce's 17% pay award.
(News of his latest pay award rated just a short story on page C15 of yesterday's Wall Street Journal).
Similar(9)
Pay awards usually take effect from 1 April each year.
Overgenerous pay awards contributed to the financial pressures.
But high pay awards in the public sector can increase pressure for inflationary pay awards in the private sector.
With retail price inflation still above 3%, pay awards of around 4% are likely.
For most people, the idea of smaller nominal pay awards still goes against the grain.
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