Wage Growth Cools Further But Still Outstrips Inflation

Wage growth in the UK has slowed to its lowest rate for 10 months and there are further signs that the jobs market is cooling, according to official figures.

- ANNA WISE

UK average regular earnings, excluding bonuses, increased by 6.6 per cent in the three months to November, down from a revised 7.2 per cent in the previous three months, the Office for National Statistics said. It is the lowest rate since the three months to January last year and one of the steepest falls in earnings growth since the pandemic.

The latest data could give Bank of England policymakers further reassurance that higher interest rates are working their way through the economy, reinforcing expectations that they will begin cutting borrowing costs later this year.