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The Telegraph
The Telegraph
11 Jun 2024
Chris Price


Wages grow faster than expected in blow to hopes for summer interest rate cuts - latest updates

Wages grew at a faster pace than expected in a blow to hopes that the Bank of England could begin cutting interest rates this summer.

Total pay including bonuses grew by 5.9pc in the three months to April, according to the Office for National Statistics.

This was higher than economists’ predictions of growth of 5.7pc. Meanwhile, the previous three month period’s growth was revised higher from 5.7pc to 5.9pc.

It comes as the minimum wage was increased by £1.02 in April to £11.44 for workers aged over 21.

Bank of England officials have said wages must be under control and not a risk to inflation before they can begin cutting interest rates.

Meanwhile, the rate of UK unemployment rose to 4.4pc in the three months to April, up from 4.3pc in the previous three months.

Read the latest updates below.