Wage Growth in the UK Takes Off Again

Forex - In the UK, wages are rising at an increased pace, supporting the Bank of England's reluctance to lower its base interest rate as swiftly as its European counterparts. According to figures released by the Office for National Statistics (ONS), average regular pay increased by 5.2% in the three-month period up to October, while the unemployment rate remained stable at 4.3% during this time. Although the number of vacancies decreased over the three months, it continues to stay above pre-pandemic levels. ONS statistician Liz McKeown stated, “The wage growth, which has been steadily slowing for over a year, has recently seen a slight increase due to stronger growth in private sector wages, excluding bonuses.”