We offer a range of high quality accounting, financial and business services in and around Milton Keynes.

UK wages 'rising at fastest rate in two years', data reveals

23 Mar 2018

Data published by the Office for National Statistics (ONS) has revealed that UK wage growth increased to 2.6% during the three months to January – representing the fastest rate of growth since September 2015.

Experts are debating as to whether the latest figures will incentivise the Monetary Policy Committee (MPC) to raise interest rates in May.

Commenting on the wage growth figures, the Resolution Foundation warned that average pay is ‘still lower than it was a decade ago’. Stephen Clarke, Senior Economic Analyst at the Resolution Foundation, said: ‘While it’s a relief that pay packets are no longer shrinking, the outlook for anaemic pay growth remains a huge living standards concern.’ 

The publication of the wage growth figures follows news that the UK’s rate of inflation fell from 3% to 2.7% during February. Lower prices for petrol played a key role in reducing the figure, the ONS said.

Mel Stride, Financial Secretary to the Treasury, said: ‘We know families feel the cost of living at the end of every working week.

‘We are increasing the National Living Wage, which is already helping the lowest earners see their pay rise by almost 7% above inflation.’

Register

Why not register to receive our monthly newswire? This is packed full of essential business news and handy tax tips to help save you money.

Learn more

Tax Calendar

Our handy tax calendar provides an overview of the key tax dates for your diary.

Learn more

Calculators

B2B’s interactive tax calculators can be used to calculate VAT due, the taxable benefits on your company car and how much your savings are worth.

Learn more

Home | About us | Contact us | Logon | Register | Accessibility | Disclaimer | Help | Site map |

© 2024 B2B Business Advisors Limited. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Chartered Tax Adviser

Registered in England, Company Registration number – 7906656. Registered Office – 58b High Street, Stony Stratford, Milton Keynes, MK11 1AQ. Registered with the Chartered Institute of Taxation as a firm of Chartered Tax Advisers. Registered to carry out audit work and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.