{"id":35822,"date":"2023-07-11T06:45:09","date_gmt":"2023-07-11T06:45:09","guid":{"rendered":"https:\/\/www.nsemgh.com\/?p=35822"},"modified":"2023-07-11T06:45:20","modified_gmt":"2023-07-11T06:45:20","slug":"uk-wage-growth-hits-record-at-7-3","status":"publish","type":"post","link":"https:\/\/www.nsemgh.com\/2023\/07\/11\/uk-wage-growth-hits-record-at-7-3\/","title":{"rendered":"UK wage growth hits record at 7.3%"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">UK wage growth has accelerated to a record high as workers continue to push for pay rises to protect them from soaring inflation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">New data just released this morning shows that average pay (excluding bonuses) rose by 7.3% year-on-year in March to May 2023, the joint-highest reading on record if you exclude the pandemic period.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That\u2019s stronger than expected. And the previous month\u2019s data has been revised higher too, to show 7.3% wage growth in February-April too (up from 7.2%).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Economists had expected a small slowdown in pay growth today, to 7.1%, but this data suggests that wage inflation is more persistent \u2013 which will cause serious worries in the Bank of England, which fears a price-earnings spiral.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">We&#39;re not going to see the <a href=\"https:\/\/x.com\/bankofengland?ref_src=twsrc%5Etfw\">@bankofengland<\/a> relaxing: wage growth comes in at 7.3% (regular pay &#8211; 6.9% including bonuses) <a href=\"https:\/\/t.co\/qHvhfMAxAH\">pic.twitter.com\/qHvhfMAxAH<\/a><\/p>&mdash; Torsten Bell (@TorstenBell) <a href=\"https:\/\/x.com\/TorstenBell\/status\/1678648001856692225?ref_src=twsrc%5Etfw\">July 11, 2023<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Total pay, including bonuses, also strengthened \u2013 growing by 6.9% in the last quarter.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This means wages are still lagging behind inflation, though, which was recorded at 8,7% in April and May,<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Growth in factory pay was the highest since records began in 2001, with pay growth of 7.8% in manufacturing. The finance and business services sector saw the largest regular growth rate at 9.0%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This morning\u2019s data comes just hours after&nbsp;<strong>Bank<\/strong>&nbsp;<strong>of<\/strong>&nbsp;<strong>England<\/strong>&nbsp;governor&nbsp;<strong>Andrew<\/strong>&nbsp;<strong>Bailey<\/strong>&nbsp;and chancellor&nbsp;<strong>Jeremy<\/strong>&nbsp;<strong>Hunt<\/strong>&nbsp;called for wage and price restraint to help the fight against inflation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In his annual Mansion House dinner,&nbsp;<strong>Bailey<\/strong>told City bigwigs:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">\u201cBoth price and wage increases at current rates are not consistent with the inflation target.\u201d<\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>UK wage growth has accelerated to a record high as workers continue to push for pay rises to protect them from soaring inflation. New data just released this morning shows that average pay (excluding bonuses) rose by 7.3% year-on-year in March to May 2023, the joint-highest reading on record if you exclude the pandemic period. [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":35823,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_post_source_name":"","_post_source_url":"","footnotes":""},"categories":[61],"tags":[7358,6607,1425,9331,7396,1258,11365,9127,12354,6543,6546,5485,12103,10214,10334,5350,12605,3080,10333,3954],"class_list":["post-35822","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-bank","tag-bank-of-england","tag-chancellor","tag-city","tag-data","tag-england","tag-factory","tag-february","tag-finance","tag-growth","tag-inflation","tag-pandemic","tag-price","tag-rates","tag-salaries","tag-twitter","tag-uk","tag-united-kingdom","tag-wages","tag-will"],"blocksy_meta":[],"_links":{"self":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts\/35822","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/comments?post=35822"}],"version-history":[{"count":0,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts\/35822\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/media\/35823"}],"wp:attachment":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/media?parent=35822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/categories?post=35822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/tags?post=35822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}