Published: Thu, December 13, 2018
Markets | By Otis Pena

Brexit BOOM: UK wages SOAR to highest level since 2008

Brexit BOOM: UK wages SOAR to highest level since 2008

The BOE views accelerating wage rises as a sign the economy is running short of spare capacity, generating pressure on businesses to raise prices that it will need to counter in order to meet its 2% inflation target.

Basic wage growth in the United Kingdom has increased to a 10-year high between August and October, with the United Kingdom employment almost as low as its lowest rate witnessed in 1975, according to new data from the Office of National Statistics.

The lacklustre figures come as Theresa May attempts to gain parliamentary approval for her Brexit deal, which the Government has admitted will act as a further restraint on the economy compared to the UK's current deal as an European Union member.

'The October UK jobs data will give the Bank of England a real headache.

The rate refers to the proportion of people aged from 16 to 64 years who were in work.

Today's statistics show the enduring strength of our jobs market, with wages outpacing inflation for the ninth month in a row and employment at a record high.

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"This is benefiting people across the country, with nearly 400,000 more people in work in the previous year, putting more money in the pockets of working families, and showing the United Kingdom remains a great place to invest and do business".

The pace of wage rises remains slower than the 4 per cent increases seen before the financial crisis but real earnings, adjusted for inflation, rose nonetheless by the fastest since the end of 2016, up 1.1 per cent.

Ben Keighley, director of the social recruitment platform, SociallyRecruited.com, said: "Politically, we are in about as precarious a position as we could be but the jobs market at least is providing considerable economic support".

The unemployment rate north of the border has sunk to an all-time low of 3.7%.

"Economically, the employment rate being so high is a cause for celebration, but in our experience it is starting to cause a recruitment headache for a growing number of United Kingdom employers". Part-time staff worked, on average, 16.4 hours a week which was also 0.2 hours more than for May to July 2018 and for a year earlier.

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