UK Wages Rising at Near Record Pace Add to Pressure on Rates
- Labor shortages are forcing companies to raise pay for staff
- Some signs jobs market softening with a fall in vacancies
Labor shortages have driven unemployment to record lows below 4%.
Photographer: Jason Alden/BloombergThis article is for subscribers only.
UK wages are rising at a near unprecedented pace, heaping pressure on the Bank of England to deliver a 10th consecutive interest-rate increase next month.
Average earnings excluding bonuses were 6.4% higher in the three months through November than a year earlier, the Office for National Statistics said Tuesday. That’s the biggest increase since records began in 2001, excluding the height of the coronavirus pandemic.