The PM claims his government is delivering “the fastest wage growth in years”. Wages are currently growing at a faster rate than before the pandemic, but when adjusted for inflation, growth is falling.
The ONS says that, for regular pay “this is the largest growth rate seen outside of the coronavirus pandemic where in April to June 2021 the growth rate was 7.3% when the data were affected byThe nominal total pay growth rate, meanwhile, is the highest seen outside the pandemic since 2007.
are also calculated using mean averages and so may be skewed, for example, by smaller numbers of people with very high earnings., the latest of which show median pay increased by 7% in May 2023 compared to May 2022. As with the mean average pay growth, this continues to be higher than before the pandemic.While the UK is seeing higher nominal wage growth, wage growth has in fact decreased in real terms, as a result of higher than usual inflation.
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