UK pay falls at fastest rate for more than a decade

UK pay falls at fastest rate for more than a decade

The Guardian says Average wages in the UK are falling at the fastest rate for more than a decade as annual pay growth fails to keep pace with the rising cost of living.

The Office for National Statistics said annual growth in regular pay, excluding bonuses, fell by 2.2% in the three months to April after adjusting for its preferred measure of inflation – the biggest fall since November 2011.

Average total pay, including bonuses, rose slightly by 0.4% thanks to a boom in payouts in the finance sector.

British households are facing an intense squeeze on living standards as earnings growth fails to keep pace with soaring energy bills and the rising cost of a weekly shop, with inflation at the highest rate since the early 1980s.

https://www.theguardian.com/money/2022/jun/14/uk-pay-falling-inflation-energy-bills-unemployment

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