The UK has recorded the biggest rise in wages on record as pay catches up with inflation in what may represent a turning point in the cost of living crisis.
Annual growth in regular pay, excluding bonuses, has hit 7.8 percent – the highest rate seen since records began in 2001.
However, the rate of unemployment in Britain increased in the three months to June, according to the Office for National Statistics (ONS).
Chancellor of the Exchequer Jeremy Hunt said: “Thanks to the action we’ve taken in the jobs market, it’s great to see a record number of employees.
“Our ambitious reforms will make work pay and help even more people into work – including by expanding free childcare next year – helping to deliver on our priority to grow the economy.”
More to follow…
