Wages have been rising at a record speed according to official data, fuelling fears that inflation could remain at a high level and force the Bank of England (BoE) to raise interest rates further.
New data released by the Office for National Statistics (ONS) on Tuesday shows that employees’ regular pay, not including bonuses, was 7.3 percent higher in March to May 2023 than during the same period a year earlier.
The ONS also revealed that unemployment rose unexpectedly over the quarter, jumping to 4 percent from 3.8 percent in the previous quarter.
Meanwhile, employment levels also grew as the number of people recorded as economically inactive declined, with the number of those not working due to long-term sickness dipping for the first time since last year….
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