Wages in Britain have grown faster than expected, official figures show, in a blow to the Bank of England’s hopes to cut interest rates.

UK average regular earnings growth remained at 6pc in the three months to March, according to the Office for National Statistics, in line with the three months to February.

However, it grew faster than the 5.9pc expected by economists. 

Real pay increased to 2.4pc after taking inflation into account, which was the highest since the three months to August 2021.

It comes after Andrew Bailey said interest rate cuts would be needed but said that the timing of the next move by the Bank of England would depend on the data between now and the next meeting in June.

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