UK wage growth cools slightly but stays near record

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Wages in Britain grew slightly less fast in the three months to September after rising at a record pace previously, according to official data that will leave the Bank of England on alert for inflation pressures.

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14 Nov 2023

Earnings excluding bonuses were 7.7% higher than a year earlier in the third quarter, the figures from the Office for National Statistics (ONS) showed on Tuesday, in line with economists' expectations in a Reuters poll.

The figure represented a slight slowdown in regular pay growth from 7.9% in the previous two ONS reports, the highest since this data series began in 2001.

Britain's economy is flat-lining as the BoE's long run of interest rate hikes squeezes households and businesses. But employers are still struggling to fill vacancies after many workers left the job market during the coronavirus pandemic, with Brexit also reducing the supply of candidates.

«The labour market remains very tight and businesses are still struggling to hire the people they need,» Alexandra Hall-Chen, a policy adviser at the Institute of Directors, said.

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