The Office for National Statistics (ONS) said regular wages rose at an annual rate of 6.1% in the November to January quarter, down only from 6.2% previously. The rate of increase was 5.6% if bonuses are included. After inflation is taken into account, pay went up in real terms by 1.8%, or 1.4% if bonuses are added.
While workers will welcome the boost to living standards, the only slow easing of wage growth will cause headaches at the Bank of England where the Monetary Policy Committee (MPC) will be looking for irrefutable evidence that pay pressure is being squeezed out of the labour market before cutting rates.
This story is from the March 12, 2024 edition of Evening Standard.
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This story is from the March 12, 2024 edition of Evening Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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