UK wages soar by 8.8% year-on-year after workers taken off furlough
3 years, 4 months ago

UK wages soar by 8.8% year-on-year after workers taken off furlough

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Bank of England governor Andrew Bailey recently highlighted wage increases as one factor that could lead to longer-term inflation rises, although he suggested hikes could subdue as the pandemic comes to an end. Tom Pugh, UK economist at RSM, said: “At first glance, the surge in headline pay growth to 8.8% is another reason for the Bank of England to start raising interest rates next year, but headline pay has been inflated by base and compositional effects. Looking ahead, we see little risk of the upcoming burst of CPI inflation translating into a period of strong wage growth next year Samuel Tombs, Pantheon Macroeconomics Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said he does not expect wider inflation to result in a longer-term boom in wages. He said: “Looking ahead, we see little risk of the upcoming burst of CPI inflation translating into a period of strong wage growth next year.

Inflation Pay Wage Mpc Ons Wage Growth Cpi Inflation Workers Taken  yearonyear  soar  earnings  inflation  labour  ons  breaking  wage  furlough  growth  pay  uk  workers  taken  wages  period  sign  88

History of this topic

2.8% public sector pay proposal ‘just the start of the process’, says minister
4 weeks, 1 day ago

2.8% public sector pay proposal ‘just the start of the process’, says minister

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Justice Secretary Shabana Mahmood said she would not “get …

Unemployment in the UK rises to 4.3% and earnings fall to 4.8%
Trending News
1 month, 4 weeks ago

Unemployment in the UK rises to 4.3% and earnings fall to 4.8%

Daily Mail  

Wage growth has fallen to its lowest level in more than two years while Britain's jobless rate jumped by more than expected, according to official figures. The Office for National Statistics said average regular earnings growth eased back to 4.8 per cent in the three months to September, down from 4.9 per cent in the previous three months. Earnings growth …

Rate cut hopes lift on slowdown in UK wage growth
2 months, 3 weeks ago

Rate cut hopes lift on slowdown in UK wage growth

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. “A 25 basis point November Bank Rate cut is …

Slowdown in wage growth ‘clears the path for more interest rate cuts’ by BoE this year
4 months, 3 weeks ago

Slowdown in wage growth ‘clears the path for more interest rate cuts’ by BoE this year

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. “This lends some support to our forecast that the Bank …

Sir Keir Starmer warned he risks stoking inflation if he hands millions of public sector workers inflation-busting pay rises of 5.5% while increasing the minimum wage
5 months, 2 weeks ago

Sir Keir Starmer warned he risks stoking inflation if he hands millions of public sector workers inflation-busting pay rises of 5.5% while increasing the minimum wage

Daily Mail  

Sir Keir Starmer risks stoking inflation if he hands millions of public sector workers inflation-busting pay hikes while increasing the minimum wage, economists warned yesterday. But experts warned that bumper hikes could trigger higher pay demands in the private sector and spark a wage-price spiral, in turn driving up inflation. Sir Keir Starmer risks stoking inflation if he hands millions …

Starmer is warned that public sector pay rises will drive up inflation
5 months, 2 weeks ago

Starmer is warned that public sector pay rises will drive up inflation

The Telegraph  

Minimum wage woes Significant rises are also expected to the national living wage, which already jumped by 9.8pc this year under the Conservatives. If you were to spread it over a parliament, I don’t think it will have any real effect on the Bank’s rate decisions in the near-term.” At its interest rate meeting in June, the Bank’s Monetary Policy …

Wage growth falls back further but continues to outstrip inflation
5 months, 3 weeks ago

Wage growth falls back further but continues to outstrip inflation

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. The Office for National Statistics said average regular earnings …

Unemployment rate hits six-month high amid fears of a stalling economy
8 months, 3 weeks ago

Unemployment rate hits six-month high amid fears of a stalling economy

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Britain’s unemployment rate has risen to its highest level in …

Relief for Brits as wages outstrip inflation by biggest margin since 2021 despite signs jobs market is weakening… but inactivity crisis deepens
8 months, 3 weeks ago

Relief for Brits as wages outstrip inflation by biggest margin since 2021 despite signs jobs market is weakening… but inactivity crisis deepens

Daily Mail  

Brits have been offered some much-needed relief as figures showed wages outstripping inflation by the biggest margin in two and a half years. Regular pay rose by 2.1 per cent year-on-year in real terms in the three months to February. The Office for National Statistics said the jobless rate jumped to 4.2 per cent in the three months to February …

How the Bank of England’s rate rises lost their power
9 months, 3 weeks ago

How the Bank of England’s rate rises lost their power

The Telegraph  

Services costs are rising rapidly everywhere you look: care home fees are up by one-tenth. Ian Stewart, chief economist at Deloitte, notes that households had a big pile of savings built up during Covid that let them keep spending even as prices rose. Catherine Mann, an MPC member, told a recent Financial Times conference that “a lack of consumer discipline” …

Employers expect private sector pay to increase by 4% in 2024, research suggests
10 months, 4 weeks ago

Employers expect private sector pay to increase by 4% in 2024, research suggests

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Employers believe pay will increase by 4% in 2024 in …

Jeremy Hunt confirms pay boost for nearly 3million workers as living wage rises to more than £11 an hour
1 year, 1 month ago

Jeremy Hunt confirms pay boost for nearly 3million workers as living wage rises to more than £11 an hour

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. The chancellor said move would “end low pay in this …

Recession looming as jobs market weakens, says Bank rate-setter
1 year, 2 months ago

Recession looming as jobs market weakens, says Bank rate-setter

The Telegraph  

Ms Dhingra was speaking as economists said official data showing a slowdown in pay growth would fuel hopes the Bank of England has raised rates far enough to weaken the jobs market and ease a key driver behind inflation. Average weekly earnings in the three months to August were up 8.1pc compared with the same period last year, slowing from …

UK slumps into the red with GDP dropping 0.5% in July as families and businesses struggle to cope with soaring interest rates... amid fears BoE is poised for more hikes
1 year, 3 months ago

UK slumps into the red with GDP dropping 0.5% in July as families and businesses struggle to cope with soaring interest rates... amid fears BoE is poised for more hikes

Daily Mail  

The UK has slumped into the red as spiking interest rates and dire weather hammered activity in July. Grim figures showed GDP dropped 0.5 per cent - far worse than the 0.2 per cent expected by analysts and the biggest fall since last December. Grim figures showed GDP dropped 0.5 per cent in July - far worse than the 0.2 …

Bank of England expected to hike interest rates after record wage rise
1 year, 4 months ago

Bank of England expected to hike interest rates after record wage rise

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Wage growth means the Bank …

Inflation now driven by demands for higher wages, warn businesses
1 year, 5 months ago

Inflation now driven by demands for higher wages, warn businesses

The Telegraph  

Inflation is now being driven by higher wages as companies pass on rising salary costs to their customers, bosses have warned. The economy is slowing sharply, with the manufacturing sector shrinking and the dominant services industries running out of steam, according to the purchasing managers’ index, an influential survey from S&P Global. Price rises are slowing from last year’s highs …

Double-digit pay rises for public sector workers not inflationary – think tank
1 year, 5 months ago

Double-digit pay rises for public sector workers not inflationary – think tank

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Double-digit pay rises for public sector workers would not be …

UK wages rise at record rate as unemployment jumps unexpectedly
1 year, 5 months ago

UK wages rise at record rate as unemployment jumps unexpectedly

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. The Office for National Statistics revealed that average regular pay, not including bonuses, was …

UK wages are rising at a record pace. That makes higher interest rates more likely
1 year, 5 months ago

UK wages are rising at a record pace. That makes higher interest rates more likely

Associated Press  

LONDON — Wages in the U.K. are rising at a record high rate amid stubbornly high inflation, official figures showed Tuesday, bolstering expectations that interest rates will increase again — to the worry of homeowners who are seeing their mortgage payments spike to levels not seen since the global financial crisis 15 years ago. For months, workers have been seeking …

Public sector pay growth surges to 22-year high in blow to Jeremy Hunt
1 year, 5 months ago

Public sector pay growth surges to 22-year high in blow to Jeremy Hunt

The Telegraph  

Public sector pay growth has hit its highest level in 22 years in a blow to the Chancellor’s ambitions to rein in inflation. Average pay in the public sector rose by 5.8pc in the three months to May, according to the Office for National Statistics, the fastest quarterly growth seen since 2001. Jeremy Hunt said in his Mansion House speech …

Andrew Bailey blames high wages for causing inflation
1 year, 6 months ago

Andrew Bailey blames high wages for causing inflation

The Telegraph  

Andrew Bailey has blamed “unsustainable” pay rises for stoking inflation as the Bank of England lifted interest rates to 5pc in an attempt to tame rampant price growth. Speaking after Threadneedle Street announced a larger-than-expected increase in rates of 0.5 percentage points, the Governor warned that pay “cannot continue” going up at its current pace if inflation is to fall. …

UK jobs market falters as unemployment rate rises and company payrolls shrink
1 year, 7 months ago

UK jobs market falters as unemployment rate rises and company payrolls shrink

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. In another sign of a flagging jobs market, the …

UK inflation jumps to 10.4%, surprising analysts
1 year, 9 months ago

UK inflation jumps to 10.4%, surprising analysts

Associated Press  

LONDON — U.K. inflation accelerated for the first time in four months in February as high food and energy prices hit consumers battered by the nation’s cost-of-living crisis. “February’s surprise increase in inflation will raise more concerns for households whose budgets are already stretched to their limits,” said George Dibb of the Institute for Public Policy Research, a progressive think …

UK strikes hit a 30-year high as inflation erodes pay
1 year, 10 months ago

UK strikes hit a 30-year high as inflation erodes pay

CNN  

London CNN — The United Kingdom lost more working days to strikes in 2022 than in any year since 1989, as employees walked out in large numbers over pay amid soaring living costs. Real pay falls The UK government has so far refused to grant public sector workers higher pay awards, arguing that doing so risks making the inflation problem …

Wages rise at fastest pace in two decades but fall behind inflation
1 year, 11 months ago

Wages rise at fastest pace in two decades but fall behind inflation

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. The proportion of working-age people who were unemployed also …

At 10.1%, UK inflation hits double digits for the first time in 40 years
2 years, 4 months ago

At 10.1%, UK inflation hits double digits for the first time in 40 years

Hindustan Times  

UK inflation accelerated more than expected last month to the highest in 40 years, intensifying a squeeze on consumers and adding to pressure for action from the government and Bank of England. “Food prices rose notably, particularly bakery products, dairy, meat and vegetables, which was also reflected in higher takeaway prices,” said Grant Fitzner, chief economist at the ONS. “Price …

Bankers get inflation-busting pay rises while low-income workers see earnings collapse
2 years, 5 months ago

Bankers get inflation-busting pay rises while low-income workers see earnings collapse

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. The Centre for Economics and …

UK gives below-inflation pay rises for public-sector workers
2 years, 5 months ago

UK gives below-inflation pay rises for public-sector workers

Al Jazeera  

Millions of workers – including police, doctors and teachers – are to receive below-inflation pay rises as part of a review that comes amid soaring prices and growing industrial unrest. The United Kingdom has announced below-inflation pay rises for millions of workers including police, doctors and teachers as part of a pay review for public-sector staff that comes amid soaring …

UK inflation rate hits new 40-year high of 9.1%
2 years, 6 months ago

UK inflation rate hits new 40-year high of 9.1%

Associated Press  

LONDON — Britain’s inflation rate hit a new 40-year high of 9.1% in the 12 months to May, figures showed Wednesday, as Russia’s war in Ukraine drove food and fuel prices ever higher. Chief economist Grant Fitzner said “continued steep food price rises and record high petrol prices were offset by clothing costs rising by less than this time last …

More Britons worry about bigger bills
2 years, 8 months ago

More Britons worry about bigger bills

China Daily  

Workers wait for buses during the morning rush hour in London, Britain March 1, 2022. Rapidly rising inflation and wage increases that are not keeping up have led many United Kingdom residents to worry more about their finances than about the global pandemic, new research has shown. The University College London study shows 38 percent of UK adults listed financial …

Britain’s surge in wage growth is not as rosy as it seems
5 years, 5 months ago

Britain’s surge in wage growth is not as rosy as it seems

The Independent  

British workers are in the money. According to the latest official figures, wage growth hit 3.6 per cent in the year to May 2019, the highest since 2008. The “back Boris, believe in Britain” brigade – there’s another B-word for what they’re peddling but it isn’t very polite – will close their eyes to this because the numbers look great …

UK wage growth picks up to 3.4 per cent but vacancies fall again, official data shows
5 years, 5 months ago

UK wage growth picks up to 3.4 per cent but vacancies fall again, official data shows

The Independent  

Sign up to our free Brexit and beyond email for the latest headlines on what Brexit is meaning for the UK Sign up to our Brexit email for the latest insight Sign up to our Brexit email for the latest insight SIGN UP I would like to be emailed about offers, events and updates from The Independent. Total pay, including …

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