Pay in UK rising at fastest rate outside pandemic, but still lagging behind inflation, figures show
UK wages are rising at their fastest rate in 20 years, excluding the pandemic, in part because of a rise in the minimum wage.
"Nearly two million workers in the UK saw an almost 10% increase in pay this spring," he told the BBC's Today programme. However, the Bank of England has warned sharp increases in wages are likely to prolong the UK's still high rates of inflation. And there are fears the Bank will have to increase UK interest rates by more than previously thought to get the inflation rate down.
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