Interest rate forecasts spike as UK basic wage growth hits record high

ONS figures show annual growth in regular pay, excluding bonuses, was 7.8% in the three months to the end of June. This is the highest rate seen since records began in 2001.

Inflation for June was 7.9% - meaning the two are now almost on a par.

Latest figures will pile pressure on the Bank to continue its rate rising programme, making borrowing more expensive as a result.

#costofliving #inflation #skynews

[williamshaw]

Are people believing these lies?

Inflation has one cause, Greed.

[rooksfoot]

Nothing to do with record coorporate profits then.... all caused by our wages...yh right...

[Mrbeardo]

This is a joke. Wages have increased year on year forever. The difference is in the last 10-20 years they do not correlate well with the cost of living. So despite that it has not risen enough to save people from becoming homeless and unable to feed and shelter their families and even travel to and from work.

[asmith]

so much for the tories fiscal planning

[misterpositive]

Why then, is this not reflected on my bank balance

[spacebarwasd]

Imagine someone with 150, 000/yr "I only got 5% increase..."

Bruh that's equivalent to 16.67% increase of someone who earns 45, 000/yr

[BULLEAD]

Another interest rate rise, coming soon then.

[tony-]

But certainly not for public sector workers

[arandmorgan]

Thats bollocks, because the value of the pound has plummeted compared to other countries. Therefore our pay comparably, is worse than the 50s

[andrewfarrugia]

Use work agencies back 2016 maybe onwards till 2018 where plenty money go round now this rate don’t see point

[kinggeoffrey]

Minimum wage has gone up, and Public Sectors.

The skilled market is stagnant and has been since the 90s.

Don't be fooled by these graphs, they don't tell the real story.

[GaryWinstonBrown]

Now I understand the power of leverage. Achieving financial freedom and building wealth is more achievable than most people think. With the right information, it becomes easier to create lasting financial stability. Engaging in financial programs and products is the key to generating a substantial income and maintaining long-term affluence.

[scjyhke]

Austerity be next to feed the millions illegally here AGAIN.

[markkierznowski]

Nothing to do with the £billions squandered on the American proxy war in the Ukraine?

[monkeyboy]

Pee-wee Sunak's Kool-Aid economics -
summer sale now on.

[evolassunglasses]

We need to invest in training, increase pay and conditions not let international finance import an OVER SUPPLY of labour in. Immigration is a race to the bottom. Oligarchs love immigration