High UK Wage Growth Spells Headache For Bank Of England


UK basic wage growth hit 7.3% in the three months to May - matching the highest ever levels set in Q2 in 2021 - outstripping levels consistent with the target of keeping inflation under 2%.

Bank of England Governor Andrew Bailey claimed Monday that although wage increases and prices charged by companies are rising too fast, he would “see the job through” after 13 consecutive rate hikes.

Annual pay growth shot up 6.9%, the fastest rate since the Covid pandemic when government job subsidies skewed data, as inflation stands at 8.7% - the highest amongst wealthy nations.

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