Economic news

UK regular pay grows 5.7% in the three months to May

2024.07.18 02:24

LONDON (Reuters) – British wages excluding bonuses – a key gauge of inflation pressure for the Bank of England as it considers when to cut interest rates – grew by 5.7% in the three months to the end of May compared with a year earlier, official data showed.

© Reuters. People walk over London Bridge looking at a view of Tower Bridge in the City of London financial district in London, Britain, October 25, 2023.  REUTERS/ Susannah Ireland/File Photo

Most economists polled by Reuters had forecast wage growth of 5.7%.

The BoE is due to make its next rates announcement in two weeks’ time. After stronger-than-expected inflation data published on Wednesday, investors priced a roughly one-in-three chance of a first cut since 2020 on Aug. 1.



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