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Thu, 19 Mar 2026

Thu, 19 Mar 2026 Pay grows at slowest rate in more than five years

Annual earnings grew at an annual rate of 3.8% in the November to January period, the Office for National Statistics says.

* Pay growth has slowed down, with earnings excluding bonuses increasing by an annual rate of 3.8% (down from 4.1%)
* Unemployment rate remains at a near five-year high of 5.2%
* Number of workers on payrolls increased last month
* Wages are still rising faster than the rate of price increases, despite inflation falling to 3%
* Interest rates expected to remain unchanged by the Bank of England's Monetary Policy Committee (MPC)
* Recent rise in fuel and energy costs has shifted priorities for MPC members, making a cut in interest rates unlikely.