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Rolling coverage of the latest economic and financial news, as regular pay growth hits a two-year lowSlowing pay growth is a sign of the Government’s “difficult inheritance” on the economy, a Treasury minister has said.Responding to this morning’s data, exchequer secretary James Murray told Sky News:“I think it’s a sign of the difficult inheritance we have had as a Government, that the economy has been in a difficult position for a number of years.“What we are focused on now is what we can do as a Government to get us on a better track.”“Worrisome wage growth is in retreat, lifting expectations that borrowing costs will soon fall further. The rate of increase in average earnings (including bonuses) has fallen to 3.8%, a hugely significant drop given how pay growth had raced away in recent years.Although there had been forecasts for an even steeper fall, and wages are still beating inflation, this will still assuage concerns among policymakers about the risk that consumer price rises will pop back up into troublesome territory. Continue reading…
Rolling coverage of the latest economic and financial news, as regular pay growth hits a two-year low
Slowing pay growth is a sign of the Government’s “difficult inheritance” on the economy, a Treasury minister has said.
Responding to this morning’s data, exchequer secretary James Murray told Sky News:
“I think it’s a sign of the difficult inheritance we have had as a Government, that the economy has been in a difficult position for a number of years.
“What we are focused on now is what we can do as a Government to get us on a better track.”
“Worrisome wage growth is in retreat, lifting expectations that borrowing costs will soon fall further. The rate of increase in average earnings (including bonuses) has fallen to 3.8%, a hugely significant drop given how pay growth had raced away in recent years.
Although there had been forecasts for an even steeper fall, and wages are still beating inflation, this will still assuage concerns among policymakers about the risk that consumer price rises will pop back up into troublesome territory.
