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UK regular pay grows 7.8% in three months to August - ONS

UK average earnings, excluding bonuses, were 7.8% higher than a year earlier during the three months to the end of August
UK average earnings, excluding bonuses, were 7.8% higher than a year earlier during the three months to the end of August

British average earnings, excluding bonuses, were 7.8% higher than a year earlier during the three months to the end of August, the Office for National Statistics said today.

Economists polled by Reuters had forecast regular wages - which are being closely watched by the Bank of England as it considers whether to resume raising interest rates - would grow by 7.8%.

The latest pay growth represents a slowdown from an upwardly revised rate of 7.9% recorded in the three months to July, which was the highest rate of pay growth since these records began in 2001.

Total pay - a more volatile measure which includes one-off bonuses - was 8.1% higher in the three months to August than a year earlier.

However, with UK consumer price inflation of 6.7% in August, the real-terms increase in pay was far smaller.