UK Pay Growth Slows to 3. 9% Ahead of Crucial Interest Rates Decision The latest figures from the Office for National Statistics (ONS) reveal that average wage growth has slowed to 3. 9%, down from 4.
1% last month, as workers feel the pinch of increased living costs. This slowdown comes at a critical time for the Bank of England, which is set to make a crucial decision on interest rates this week.
The cooling jobs market, with job vacancies falling to 702,000 – their lowest level outside of the pandemic period in over a decade – contributes to the slowdown in wage growth.