Sterling jumped 0.6% against the US dollar this morning, on the news wages in the UK grew at their fastest rate since 2001 in the three months to the end of April.
The Office for National Statistics (ONS) released figures today showing wages in the UK rose 2.7% in the three months to the end of April, up from a 2.3% increase the previous quarter. This is ahead of analysts' forecasts of a 2.5% increase and marks the fastest growth rate, in real terms, since October 2007. In nominal terms it represents the fastest pace since August 2009. The news sent sterling up 0.6% against the US dollar by mid-morning, trading at $1.5745. Wage growth looks particularly impressive when compared to rock-bottom inflation, which has only just emerged from negati...
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