Wages have grown at their slowest pace since the pandemic, official figures show, as bosses wait to see how Rachel Reeves plans to raise taxes in the Budget.

Total pay, which includes bonuses, grew by 3.8pc in the three months to August, according to the Office for National Statistics (ONS).

It was the slowest pace of growth since November 2020.

Annual growth in wages excluding bonuses was 4.9pc, which was the lowest since the three months to June 2022.

Bosses are waiting to see which measures the Chancellor announces on October 30 as she seeks to fill a £22bn “black hole” in the public finances.

Meanwhile, Britain’s unemployment rate fell to 4pc in the three months to August, down from 4.1pc in the previous three months.

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