UK wages figures will affect state pension, interest rates – and Rachel Reeves
by Larry Elliott Economics editor from on (#6QKYD)
Likely 4% pension rise next year could help defuse row facing chancellor over winter fuel payment
Among the many figures included in the monthly health check of the UK labour market from the Office for National Statistics one had special significance: the annual increase in average earnings.
That's not because the other pieces of data don't matter. The jobless rate (which fell from 4.2% to 4.1%), the number of people in work, the level of vacancies and the days lost through strikes all convey important information about the state of the economy.
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