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U.K. Real Wages Are Falling Even Before Inflation Truly Bites

  • Average earnings are growing more slowly than inflation
  • Figures may cool Bank of England concerns about surging prices
Morning commuters cross London Bridge towards the City of London, U.K.

Morning commuters cross London Bridge towards the City of London, U.K.

Photographer: Hollie Adams/Bloomberg

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U.K. workers were already seeing all of their wages swallowed up by inflation late last year, putting them on the back foot heading into a more severe cost of living crisis in 2022.