UK real wages, which reflect the power of employee pay after accounting for inflation, declined by an annual 3% in the last quarter, the lowest in two decades as inflation continues to soar.
The figures released by the Office for National Statistics today (16 August) show that while average pay, excluding bonuses, rose by 4.7% in the April to June period, the cost-of-living is increasing at a rate that surpassed wage growth. "The real value of pay continues to fall. Excluding bonuses, it is still dropping faster than at any time since comparable records began in 2001," said Darren Morgan, ONS director of economic statistics. The labour UK market remains tight, however. The unemployment rate of 3.8% was relatively unchanged over the month, with the employment rate still b...
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