Slowdown in Regular Pay Growth and Employment Marked Amid High Economic Inactivity

Published on February 13, 2024

The Office for National Statistics (ONS) has reported a drop in UK wages from October to December 2023, while employment growth slowed over the course of last year. New data showed that average regular pay, excluding bonuses, fell to 6.2 percent from 6.6 percent in the quarter to November 2023. This marked the slowest growth since the three months to October 2022. In contrast to nominal wages, the real regular wages that are adjusted for inflation marked a rise of 1.9 percent. This is owing to the falling rate of inflation since a peak of 11.1 percent seen in October 2022. “It’s good news that real wages are on the up for the sixth month in a row and unemployment remains low, but the job isn’t done. Our tax cuts are part of a plan to get people back to work so we can grow the economy—but we must stick with it,” said Chancellor Jeremy Hunt....

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