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 and they can say, look, wages growing, hooray! The labour market’s robust performance isn’t likely to last, and that means the relatively robust wage growth that workers have been enjoying is also poised to come to an end. Pay has been driven up by shortages in the labour market, particularly in certain sectors, despite Britain’s poor productivity.

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History of this topic

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 …

UK economy grows 0.6% between April and June as it recovers from recession
4 months, 3 weeks ago

UK economy grows 0.6% between April and June as it recovers from recession

Associated Press  

LONDON — Britain’s economy continued its recovery from recession at the end of last year, with its GDP increasing by 0.6% between April and June, official figures showed Thursday. “The U.K. economy has now grown strongly for two quarters, following the weakness we saw in the second half of last year,” said Liz McKeown, director of economic statistics at the …

What is the answer to Britain’s labour shortage?
4 months, 3 weeks ago

What is the answer to Britain’s labour shortage?

The Independent  

Numbers in work up. The glaring statistic that jumps out of the Office for National Statistics release is that pay inflation in the “service activities sector” is running at 8.4 per cent. open image in gallery The shortage of both skilled and unskilled workers is bad news for the Starmer administration More established trends reducing the labour supply include the …

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 …

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 …

Why has the UK’s economy grown so slowly under the Tories?
6 months, 1 week ago

Why has the UK’s economy grown so slowly under the Tories?

Al Jazeera  

Economic growth under Conservative government is lowest since 1826, experts say. While UK Prime Minister Rishi Sunak has insisted the economy has “turned a corner” amid a return to growth and falling inflation, Britons are projected to dump the Conservatives in favour of the Labour Party, led by human rights lawyer-turned-politician Keir Starmer. GDP per hour worked increased by an …

£10,200: How much worse off Britons are after 14 years of Tory rule
6 months, 2 weeks ago

£10,200: How much worse off Britons are after 14 years of Tory rule

Al Jazeera  

Britons have lost the equivalent 15 weeks of wages based on comparisons with pre-2010 growth trend. UK Prime Minister Rishi Sunak’s Conservatives are widely expected to be deposed by the Labour Party, led by human rights lawyer-turned-prosecutor Keir Starmer, which has for months led the polls by about 20 points. Between 2007 and 2022, the UK’s gross domestic product per …

Why Britain is leaving Europe behind on pay – and becoming more like the US
7 months, 3 weeks ago

Why Britain is leaving Europe behind on pay – and becoming more like the US

The Telegraph  

One reason is unemployment: it is significantly lower in the UK than that in the eurozone, pointing to a tight jobs market that keeps wages high. George Buckley, economist at Nomura, says: “It could be that those coming in from Europe were low-wage and they were acting to reduce pay pressures in parts of the economy, whereas these people could …

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 …

UK unemployment soars to six-month high after economy cools
8 months, 3 weeks ago

UK unemployment soars to six-month high after economy cools

Live Mint  

Britain’s unemployment rate rose unexpectedly to the most in six months as the number of jobs in the economy shrank, an indication of cooling in the once red-hot labor market. “Easing pressure in the labor market keeps the Bank on track for a summer rate cut,” said Yael Selfin, chief economist at KPMG UK. Nevertheless, Tuesday’s report showed a deterioration …

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” …

Britain’s workforce crisis deepens as one in five employers struggle to fill roles
10 months, 4 weeks ago

Britain’s workforce crisis deepens as one in five employers struggle to fill roles

The Telegraph  

The National Institute of Economic and Social Research warned last week that businesses have become “frustrated” with British workers. The number of firms registering to become sponsors to hire abroad has doubled since 2022, as more than nine million people of working age have dropped out of the jobs market. “Employer attention is shifting from helping staff weather the cost-of-living …

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 …

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 …

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 employment hits record high but the economy is still short 1 million workers
1 year, 6 months ago

UK employment hits record high but the economy is still short 1 million workers

CNN  

London CNN — The number of people in work in the United Kingdom has climbed above its pre-pandemic level for the first time, reaching a record high. Employment hit a record 33.1 million between February and April, with increases in both the number of employees and self-employed workers, the Office for National Statistics said Tuesday. Economists said the rise in …

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 …

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 …

Worst strike chaos in 30 years even as Britain bags a pay rise
1 year, 11 months ago

Worst strike chaos in 30 years even as Britain bags a pay rise

The Telegraph  

The Government's anti-strike legislation has cleared its first hurdle in Parliament after MPs voted 309 to 249, majority 60, to give the Bill a second reading. "There comes a time when we can't let this continue and that is why we need minimum safety and service levels – to keep livelihoods and lives safe, and it's frankly irresponsible, even surprising, …

How early retirement is killing Britain’s productivity
2 years, 2 months ago

How early retirement is killing Britain’s productivity

The Telegraph  

What’s more, many workers have suffered over a decade of stagnant wages. The Government has no chance of meeting its 2.5 per cent growth target without getting people back to work.” A tight labour market can also result in wages rising sharply. Meanwhile global equities fell by 22.6 per cent over the course of this year to the end of …

Cost-of-living crisis: Wages plunge at record rate of 3% as bills soar
2 years, 4 months ago

Cost-of-living crisis: Wages plunge at record rate of 3% as bills soar

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. Please try again later {{ …

UK workers take biggest hit to real wages since records began
2 years, 4 months ago

UK workers take biggest hit to real wages since records began

CNN  

London CNN Business — UK workers have suffered the biggest dropin their spending power in more than 20 years as prices keep soaring. Average real wages — which account for inflation — fell by 3% between April and June compared with the same period last year, according to data from the Office for National Statistics published Tuesday. Excluding bonuses, it …

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 …

Inflation hits fresh 40-year high as cost of living crisis deepens
2 years, 6 months ago

Inflation hits fresh 40-year high as cost of living crisis deepens

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. Read our privacy policy Britain’s government is doing all …

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 …

Why Britain is facing a more severe cost-of-living crisis than other countries
2 years, 7 months ago

Why Britain is facing a more severe cost-of-living crisis than other countries

The Telegraph  

The IMF’s latest forecasts show inflation in the UK hitting 7.4pc over 2022 as a whole. But I think it does mean that more of the inflationary pressures are at risk of lasting longer than elsewhere.” Shortage of workers A shrinking labour force is fuelling inflation, with businesses forced to pay staff more money to attract the talent they need. …

Wages growth is starting to pick up, but workers like Linda feel left behind as living costs rise faster
2 years, 10 months ago

Wages growth is starting to pick up, but workers like Linda feel left behind as living costs rise faster

ABC  

The official measure of base pay rates shows they are growing at their fastest pace since the pandemic started, but wages growth varies wildly by industry and occupation and average pay increases are still trailing the rising cost of living. Key points: ABS figures show base pay rose 0.7 per cent in the December quarter and 2.3 per cent over …

Pay rises failing to keep up with the cost of living, ONS figures show
2 years, 11 months ago

Pay rises failing to keep up with the cost of living, ONS figures show

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 Average pay rises are failing to keep up with the …

UK Inflation could rise above 5% next year, Bank of England’s chief economist warns
3 years, 2 months ago

UK Inflation could rise above 5% next year, Bank of England’s chief economist warns

CNN  

London CNN Business — Inflation couldsurge above 5% early next year in the United Kingdom, according to the Bank of England’s top economist,as product and labor shortages continue to hamper the country’s economic recovery. “I would not be shocked — let’s put it that way — if we see an inflation print close to or above 5%,” Huw Pill told …

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 …

Increased productivity will only be achieved when employees are treated better
3 years, 5 months ago

Increased productivity will only be achieved when employees are treated better

The Independent  

The supermarkets are struggling to keep their shelves stocked, as the Covid-19 test and trace app has pushed more than 600,000 people to self-isolate. Its central scenario saw unemployment rising to nearly 12 per cent by the end of last year, and its most pessimistic scenario to 13 per cent by the end of March this year. Average earnings in …

Britain's economy springing back to life with ease in lockdown
3 years, 8 months ago

Britain's economy springing back to life with ease in lockdown

Daily Mail  

Britain's economy is springing back to life as the rollout of Covid vaccines and easing of lockdown restrictions boost business. Upbeat: In a boost for Chancellor Rishi Sunak, economists now believe Britain is heading for its strongest year of growth since 1988 The ONS said retail sales rose 5.4 per cent last month despite 'non-essential' stores remaining shut, amid strong …

A growing workforce, but is it becoming less efficient?
5 years ago

A growing workforce, but is it becoming less efficient?

The Independent  

The memory plays tricks. open image in gallery We knew it could not go on, but we had no idea: that mighty banks would tumble; the financial markets would suffer a severe wound; governments would have to use taxpayers’ cash to mount a lifeboat rescue operation; and that the consequences would include, alongside a dramatic tightening of belts, the imposition …

Brexit latest news: Sajid Javid announces plans to raise national living wage to £10.50 and lower age limit to 21
5 years, 3 months ago

Brexit latest news: Sajid Javid announces plans to raise national living wage to £10.50 and lower age limit to 21

The Telegraph  

Mike Cherry, national chairman of the Federation of Small Businesses, said: “While it is welcome that the Chancellor is giving businesses five years to adapt, this increase will leave many small employers struggling and, without help, could make some small firms unviable. “Those in sectors with tight margins and which are heavily labour-dependent, such as the care sector, retail or …

UK employment: The job market is booming – but not for the reasons you think
5 years, 3 months ago

UK employment: The job market is booming – but not for the reasons you think

The Independent  

The UK job market continues to surprise – and in a good way. Crawl through the data and it is true there are some signs of weakness: a fall in vacancies, a slowing of the rate of job growth, and suggestions that this 4 per cent increase in wages may be a peak. But we have been good at retaining …

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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