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Pace of UK wage growth reaches new eight-year high

Data from the Resolution Foundation will this week show that wage growth is outpacing price rises by the biggest margin since before the financial crisis. It is expected that average weekly earnings, excluding bonuses, will have grown 2.9% in the three months to July compared with a year ago, while inflation was just 0.1% in July in real terms. Total pay is expected to have grown 2.5% in the quarter to July, while the unemployment rate is forecast to remain at 5.6%. The thinktank also said that to keep wage growth rates up, the Government will need to take steps to boost Britain's low productivity rate.

 

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