It is impossible to overstate the terrible effects of the Black Death on England. With the population so low, there were not enough workers to work the land. As a result, wages and prices rose. The Ordinances of Labourers (1349) tried to legislate a return to pre-plague wage levels, but the overwhelming shortage of labourers meant that wages continued to rise. Landowners offered extras such as food, drink, and extra benefits to lure labourers. The standard of living for labourers rose accordingly.
The nature of the economy changed to meet the changing social conditions. Land that had once been farmed was now given over to pasturing, which was much less labour-intensive. This helped boost the cloth and woolen industry. With the fall in population most landowners were not getting the rental income they needed, and were forced to lease their land.
Peasants benefited through increased employment options and higher wages. Society became more mobile, as peasants moved to accept work where they could command a good wage. In some cases market towns disappeared, or suffered a decline despite the economic boom in rural areas.