UK pay growth slows less than expected as workers bid up wages

UK pay growth slows less than expected as workers bid up wages

December figures pose dilemma for Bank of England, dampening hopes of early interest rate cut Pay growth slowed less than expected in December as workers continued to bid up their wages amid skills shortages and a record number of people with long-term sickness. The Office for National Statistics (ONS) said annual growth in regular earnings, excluding bonuses, was 6.2% in October to December 2023, while pay rises including bonuses was 5.8%. City economists expected average earnings in the UK to …