Inflation

Years of wage stagnation have cost the average UK worker £10,700 a year in lost pay growth, a report has claimed.

The Treasury has announced a 9.8% increase to the national living wage from April 2024.

The average pay settlement returned to 6% in the three months to the end of October 2023, finds XpertHR.

Inflation (CPI) falls from 6.7% to 4.6% in the year to October 2023 while RPI decreases from 8.9% to 6.1%, new data from the ONS show.

The November 2023 labour market figures show growth in average earnings continues to outstrip inflation, but at a slower rate.

Thousands of employers are at risk of insolvency, according to data from Begbies Traynor.

Employers pay predictions for 2024 suggest the average pay settlement will be slightly lower than this year.

Average weekly earnings figures for July-August 2023 showed pay growth outperformed inflation for the first time in two years.

The Labour Party would introduce a genuine living wage if it were to gain power at the next general election.

Inflation fell slightly in August from 6.8% to 6.7%, prompting hopes that interest rates will not increase.

Employees at BT, Openreach and EE have voted in favour of a pay deal that will see them receive a pay increase of 2.5% this year.

The September 2023 labour market figures show that regular pay excluding bonuses increased by 0.6% in real terms.

Pay confidence returns to positive territory for the first time since pandemic restrictions were lifted, according to Robert Half and Cebr.

Household income in 2024 is set to fall by 4% with low-income families faring worst, according to analysis by a think tank.

The median basic pay award has fallen below 6% for the first time this year, dropping to 5.7% in the three months to the end of July 2023.