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The Telegraph
The Telegraph
15 Aug 2023


Pay is rising at the fastest pace since records began in 2001 in a blow to the Bank of England’s fight against inflation.

Wages in the UK excluding bonuses grew at the fastest pace on record in the three months to June, at 7.8pc. This is well above City expectations of 7.4pc and significantly higher than the previous record of 7.3pc.  

The Bank of England watches the pace of wage rises closely for signs that inflation is becoming embedded in the economy. 

The latest figures points to an intensifying wage-price spiral and will ramp up pressure on Threadneedle Street to keep raising interest rates. 

Figures from the Office for National Statistics show workers in the private sector were handed pay rises averaging 8.2pc when excluding bonuses, the largest on record outside of the pandemic.

Public sector staff were given a 6.2pc boost, the highest since 2001.

The vast increases in wages also mean that for the first time in many months wages are now outpacing inflation and workers are regaining purchasing power. When adjusted for inflation,  regular pay rose by 0.1pc and when bonuses were included it was 0.5pc higher.

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