UK pay growth drops sharply as job vacancies fall

Bank of England will be monitoring figures as it decides whether to cut interest rates this week

• Bumper UK pay rises could be a thing of the past as inflation eases
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Pay growth is falling sharply and mortgage distress increasing amid fresh signs of the impact of higher interest rates on the UK's labour and housing markets.

With the economy stagnating, the Office for National Statistics said a marked decline in earnings growth in the three months to October had coincided with jobs becoming harder to find.