Reduces wage growth in the United Kingdom with weakening the job market

Stay in view of the free updates

Simply subscribe to Employment in the United Kingdom Myft Digest – it is delivered directly to your inbox.

The growth of wages in the United Kingdom in the three months fell to a march, as employers stopped employment before sharp increases in salary statements and the minimum wage.

The National Statistics Office said on Tuesday that the annual growth in the average weekly wage was 5.6 percent, with the exception of rewards, in the three months until March. The number was in line with analysts’ expectations and a decrease from 5.9 percent in the three months to February.

Separate figures showed that salary statements decreased by 47,000 or 0.2 percent between February and March, leaving the number of employees from January to March compared to the previous year. Initial figures for April showed an additional decrease of 33,000 or 0.1 percent a month, as employers sought to manage the increase in employment costs.

“The gradual dilution path is the right track,” said Victoria Clark, UK’s chief economist in Santander.

The central bank reduced interest rates by 0.25 percentage to 4.25 percent last week, but its monetary policy committee has divided three ways, with two members who prefer to reduce a percentage percentage by 0.5 and 2 others who vote to leave interest rates unchanged.

Two MPC members warned on Monday against rushing to reduce interest rates again, confirming the need to see more evidence that inflationary pressure was relieving.

Claire Lombardly, Vice President of the Bank of England, said that wage growth is “very high” so that it does not agree with the goal of inflation in England, although it appears that it is likely to fall at the end of the year.