LONDON – Official figures show that basic wages in Britain are on the up but are still lagging price rises, meaning that household incomes remain stretched as the country enters a crucial stage in Brexit discussions.
The Office for National Statistics said Wednesday that average weekly earnings in the three months to December excluding bonuses were up 2.5 percent on the previous year. That’s up from the previous month’s equivalent rate of 2.3 percent. Including bonuses, the rate was unchanged at 2.5 percent.
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The wage rates are below inflation of around 3 percent.
Policymakers at the Bank of England have been predicting a pick-up in underlying wages in light of the country’s super-low unemployment rates. However, Wednesday’s figures showed unemployment rising for the first time in almost two years.
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