UKIP economic spokesman Patrick O'Flynn today criticised Bank of England Governor Mark Carney for appearing baffled by what Mr Carney confessed was "remarkably weak" wage growth in the British economy.
East of England MEP O'Flynn said: "The Governor seems baffled that steady economic growth is not being accompanied by better bargaining positions for workers and hence long-awaited wages rises and rising living standards.
"But the explanation is staring him in the face. Our EU membership means there is an almost unlimited reserve army of cheap labour available to big employers. That means any vacancies can be filled without raising wages.
"The EU has created a single European labour market. So long as this persists it means that there will be a long-term tendency towards pay rates converging across different EU countries.
"For a relatively wealthy, high living-cost country like Britain, this means wages are bound to stagnate and fail to keep up with living costs, reducing living standards over time for the majority of people while helping big multinational companies increase their profit margins even further.
"Working people in our country have been betrayed by the LibLabCon political class by being left exposed to this situation. With the eurozone once again in a tailspin we can expect matters to get worse as even more so-called "eurozone refugees" head in our direction, making it even easier for big business to keep rates of pay screwed to the floor.
"We are stuck in a form of capitalism that no longer tends to deliver living standards increases for most hardworking people in the long-term. The only solution is to leave the EU and regain control of our borders and access to our labour market. Otherwise more and more people will be left with no stake in our economic system, producing dangerous social instability which one day everyone could live to regret."