UK wages rise to highest level since 2008

Employment & Skills | Latest News

Wages across the UK are now growing faster than at any time for nearly a decade, according to the latest figures from the Office for National Statistics (ONS).

Data published has revealed average weekly earnings rose an annual 3.3% in the three months to October, its biggest increase since the three months to July in 2008.

Average weekly wages currently stand at £495, £25,740 a year, the highest since 2011, once adjusted for inflation.

In what has been stated as a record high, the number of people in work rose by 79,000 to 32.48 million.

In a statement, ONS senior statistician Matt Hughes said: “The employment rate has continued to rise in the most recent three months, returning to a joint record high, boosted by an increase in full-time workers.

“There was a corresponding fall in the ‘inactivity rate’ – the proportion of people neither working or looking for a job – while the unemployment rate was virtually unchanged.”

The unemployment rate was estimated at 4.1%, unchanged from the previous period but lower than estimated for the same time last year at 4.3%. There were an estimated 1.4 million unemployed people over the three months.

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