Two days ahead of a likely confirmation that the UK economy slipped into recession in the second half of 2023, latest figures from the Office for National Statistics (ONS) showed regular pay went up by an average of 6.2% in the three months to December.
That was faster than the 6% expected by City economists and represents an uncomfortably high number for the Bank's Monetary Policy Committee (MPC) as it contemplates the timing for a first cut in interest rates, expected in May or June.
The MPC is thought unlikely to want to sanction a reduction in the cost of money while wages are rising so much faster than inflation, stoking up demand in the economy. Real regular wages rose by 1.9% - the highest since summer 2019, excluding the pandemic years.
Danni Hewson, head of financial analysis at brokers AJ Bell, said pay growth was still "uncomfortably high".
Bu hikaye Evening Standard dergisinin February 13, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Evening Standard dergisinin February 13, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Don't Want Botox? Then Try These Alternatives
From microcurrents to lasers, there are other ways to tackle ageing skin, says Madeleine Spencer
It's high time the Borthwick regime delivers on promise
England boss needs a statement win and the All Blacks are up first
Bukayo Saka
The making of a London icon
Even Ridley Scott thinks our big screens are epic
Outernet is now one of London's top attractions --but the man behind it isn't resting on his laurels
Laura Bailey on why Margate is her favourite escape in the UK
Incredible light, sea air, galleries galore and only two hours from Victoria: it's the model and photographer's dreamland...
The Old Operating Theatre
St Thomas Street, SE1
Can drugs like Ozempic really help to getthe economy firing again?
Labour's plan to give the unemployed weight-loss jabs may have unintended consequences, reports William Hosie
AI is the new frontier of perfumery...But just how fragrantare these scents?
Choosing a signature scent is a highly personal experience. Not only do preferences differ greatly, but certain perfumes react differently depending on your skin. Bergamot top notes may be intoxicating on one person's wrist, but seem soapy on another.
Is it time to ditch the apps and embrace the science of love at first sight?
The chemistry of love isn't just a romantic ideal - it's a scientific reality, discovers
A poetic puzzlebox
This lyrical novel sets out to dazzle and terrify
