In May, UK wage growth slowed to a 5.7% annual pace, marking the lowest quarterly figure since August 2022.

UK wage growth slowed in May, marking the lowest quarterly figure since August 2022, with earnings growing at an annual pace of 5.7%. Despite the slowdown, wages continue to outpace inflation, increasing the likelihood of an interest rate cut in August. The Bank of England is closely monitoring the UK's jobs market and wages as it considers whether to reduce interest rates from their current level of 5.25%.

July 18, 2024
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