Collapse in city bonuses stumps pay growth

Pay
growth has been pushed down by collapsing city bonuses, according to official
figures.

Headline
average earnings rose by an annual 1.9 per cent in the three months to
February, the lowest growth for almost a decade, the Office for National
Statistics said.

Experts
said the drop in bonuses to city workers at banks and financial institutions
has helped keep wage inflation subdued.

The
ONS said headline pay growth in manufacturing and service industries has
dropped to a record low. But in the public sector there has been strong growth,
with teachers and nurses seeing large increases to their pay.

By Quentin Reade

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