The Office for National Statistics (ONS) revealed on Tuesday that regular pay growth, which excludes bonuses, increased by 7.8 per cent from April to June, compared to the same period last year
The Office for National Statistics revealed on Tuesday that regular pay growth, which excludes bonuses,This is the highest regular annual growth rate it has recorded since comparable records began in 2001.
The Bank of England will now face extra pressure to hike interest rates from 5.2 per cent to 5.5 per cent in September, said CMC Markets analyst Michael Hewson.is recommended by the Low Pay Commission, an independent public body that advises the Government. The Low Pay Commission has a target of the living wage reaching two-thirds of median hourly earnings by 2024, and given the overall increase in wages, that means we can expect the minimum wage to receive a fairly significant bump when it is announced in October ahead of it being adjusted at the start of the new financial year in April.
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