UK wages grow 5% in three months to June, ONS says
Growth in British average weekly earnings, excluding bonuses, held at 5.0% in the three months to June compared with a year earlier, the Office for National Statistics said on Tuesday.
Economists polled by Reuters had mostly expected regular annual wage growth of 5.0% for the April-June period, the same pace as in the three months to May.
The Bank of England last week cut interest rates to 4% from 4.25% in a tight, split decision. Some of its officials are principally worried about the risks posed by underlying price pressures in the economy, including wage growth while others are more focused on signs of a slowdown in the jobs market.
Investors are fully pricing another BoE rate cut only in February 2026, according to LSEG data, despite inflation in June rising to its highest since January 2024 at 3.6% and BoE forecasting it to hit 4% soon, double the central bank’s target.
Source : Reuters
