Wednesday, February 21, 2024

British workers to face record pay slump against surging inflation

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London, Aug 16:  British workers saw their pay lag behind inflation at record levels over the past quarter, according to official figures.

The Office for National Statistics (ONS) said regular pay, excluding bonuses, grew by 4.7 per cent over the three months to June, dpa news agency reported on Tuesday.

Analysts had predicted that wages would increase by 4.5 per cent.

It comes after CPI inflation hit a new 40-year record of 9.4 per cent in June and is expected to peak at around 11 per cent later this year.

The ONS said this resulted in a 3per cent% drop in regular pay for employees once inflation is taken into account, representing the biggest slump since records began in 2001.

Official figures also showed that the number of UK workers on payrolls rose by 73,000 between June and July to 29.7 million.

ONS director of economic statistics Darren Morgan said: “The number of people in work grew in the second quarter of 2022, whilst the headline rates of unemployment and of people neither working nor looking for a job were little changed.

“Meanwhile, the total number of hours worked each week appears to have stabilised very slightly below pre-pandemic levels. Redundancies are still at very low levels.

“However, although the number of job vacancies remains historically very high, it fell for the first time since the summer of 2020.”

IANS

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