UK pay growth picks up
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UK pay growth has accelerated at the end of last year, bringing relief to workers and a headache for the Bank of England
The latest employment data, just released, shows that total pay rose by 6% per year in the October-December quarter – up from 4.4% in July-September, and a little faster than City economists expected.
Regular pay (excluding bonuses) rose by 5.9% in the Oct-Dec quarter, down from 4.9% in the previous three months.
These increases mean earnings continued to rise faster than inflation, meaning real wages rose. Adjusted for the CPI inflation rate, both real regular and total pay rose by 3.4% on…
