UK wage deals hold steady at 4%, highest level since 1992


Human resources data firm XpertHR said the median wage settlement remained unchanged for a fourth straight month, even as inflation hit a record high of 9.4% in June and is expected to top 13% in June. October, according to the Bank of England.

Separate figures released on Tuesday showed the biggest real decline in wages, excluding bonuses, since official records began in 2001.

“Compensation continues to stagnate, unchanged from the previous three-quarter trailing 4%, despite soaring inflation,” said Sheila Attwood, payroll and benefits editor at XpertHR.

The BoE wants to prevent high inflation – which has been largely fueled by a jump in energy prices – from settling in for years to come.

Earlier this month, the central bank made the largest interest rate hike since 1995, citing inflationary pressures in the labor market as a factor in its decision, notwithstanding its forecast of a five-quarter recession beginning in late 2020. .

XpertHR said it tracked 68 pay settlements in the May-July period, covering nearly 550,000 employees.



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