The returns to labour and to equities
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Your support makes all the difference.1963 quarter 1 to 1996 quarter 4
Average percent change total UK post-tax wages: 9.9%
Variability of change in after tax labour income* 13.29%
Average percent return on UK stock market 18.9%
Variability of returns on the UK stock market* 43.5%
Correlation between wage change
and return on the stock market 0.027#
*standard deviation of the (annualised) quarterly percentage change
# insignificantly different from zero.
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