UK wages grow at record rate

Regular pay grew by 7.8% – a record annual pace – between April and June, according to new ONS data. 

It marks the highest annual growth rate since comparable records began in 2001. 

Inflation has eased but still remains relatively high at 7.9%. 

Darren Morgan from the ONS said Tuesday’s figures suggested “people’s real pay is recovering”. He said that basic pay “is growing at its fastest since current records began”.

“Coupled with lower inflation, this means the position on people’s real pay is recovering and now looks a bit better than a few months back.”

New inflation figures are due out on Wednesday and are expected to show price growth slowed again during July.