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The Telegraph
The Telegraph
11 Jul 2023


Wages increased at a record pace last month, fuelling fears that the Bank of England will push interest rates higher to avoid an inflationary spiral.

Average weekly earnings excluding bonuses increased by 7.3pc, according to the Office for National Statistics, as staff demanded more pay to keep pace with inflation. 

Economists had predicted a fractional fall to 7.1pc after hitting a record excluding the pandemic of 7.2pc in May.

The Bank of England has increased interest rates 13 consecutive times as it tries to bring down persistent inflation, which stood at 8.7pc in May.

Money markets last week priced in that interest rates will reach 6.5pc next year, with a 50pc chance of them hitting 6.75pc.

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