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UK wages rising at fastest pace in 11 years

August 13, 2019
Britain's Chancellor of teh Exchequer Sajid Javid during a visit to the National Grid Training Centre in Newark, England, as the UK announced its GDP second quarter figures, Friday Aug. 9, 2019. Britain's Office for National Statistics released figures showing the British economy shrank in the second quarter of 2019, as Brexit uncertainties weighed on business investment. ( Joe Giddens/PA via AP)
Britain's Chancellor of teh Exchequer Sajid Javid during a visit to the National Grid Training Centre in Newark, England, as the UK announced its GDP second quarter figures, Friday Aug. 9, 2019. Britain's Office for National Statistics released figures showing the British economy shrank in the second quarter of 2019, as Brexit uncertainties weighed on business investment. ( Joe Giddens/PA via AP)

LONDON (AP) — Official figures show that wages in Britain are rising at their fastest rate since the global financial crisis erupted more than a decade ago.

The Office for National Statistics says Tuesday that average weekly earnings were 3.9% higher during the three months to June against the same period a year before.

That’s the highest rate of growth for 11 years and analysts say it undermines the case for a rate cut from the Bank of England.

Speculation has increased that the bank may cut its main interest rate from the current 0.75% as uncertainties over Britain’s departure from the European Union are weighing on economic output. Last week, the statistics agency said the British economy shrank in the second quarter by 0.2% largely because of issues related to Brexit.

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