Pound rallies as US PPI inflation falls; insolvencies jump as UK economy weakens – as it happened

October's producer price index figures fuel hopes that US inflation is easing, as company insolvencies in England and Wales jump

Minister for Employment, Guy Opperman MP, says:

The UK labour market has remained resilient in the face of global challenges, with a low unemployment rate and a record number of people on payrolls.

Whilst these figures are encouraging, we recognise that families are facing rising prices and employers need support to fill vacancies with a reliable workforce. Our focus is on making sure people looking for work, and those already in work, have the opportunity to boost their skills and keep more of what they earn - helped by our extensive network of Jobcentres.

In real terms, total pay fell by 2.6% and regular pay fell by 2.7%. This remains one of the largest falls in pay since 2001.

Although there was growth in average pay this growth is totally eclipsed by the inflation we are experiencing, meaning that people's pay packets simply will not stretch so far.