UK wage growth slows as unemployment remains steady

Averaged 7.3% in Q3

UK wage growth slowed in the third quarter of the year, averaging 7.3% on an annualised basis, down from 7.8% between July and September.

The Office for National Statistics said today (12 December) that unemployment had remained unchanged between August and October, staying at 4.2%, as the historically tight labour market continued. CBI forecasts no Bank of England rate cuts until at least 2026 Wage growth saw its 17th month of decline, coming in below expectations of 7.4%, and is set to influence the Bank of England in its Monetary Policy Committee meeting to set interest rates later this week. Richard Carter, head of fixed interest research at Quilter, argued that following the data, the "future of interest rates i...