UK wage growth hits 7.3%: 'We have not reached the end of the hiking cycle'

Remains below inflation

James Baxter-Derrington
clock • 2 min read

UK wages have continued to grow this month, with regular pay without bonuses hitting 7.3%, adding to recent arguments the Bank of England is set to continue raising rates.

According to data from the Office for National Statistics, while regular pay without bonuses increased 0.1 percentage points, pay with bonuses rose 0.4 percentage points to 6.9%. Public sector pay was up 0.2 percentage points to 5.8%, while private sector pay has increased 7.7% over the past year, 0.1 percentage points higher than last month's year-on-year figure. Bank of England's Dhingra: 'Promising signs' for drop in UK inflation However, all of the metrics remain below inflation, which failed to fall last month and remains stuck at a CPI rate of 8.7%. Chancellor Jeremy Hunt ...

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