UK wages rising at fastest pace in 11 years
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.