Germany’s 10-year Bond Yield Rises Above 0% For First Time Since May 2019; U.K. Inflation Surprises With Jump to Highest in 30 Years. Wage Hikes Zeroed by Inflation

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UK Wage Hikes Zeroed by Inflation

Inflation has nullified increases to wages in Britain last year, with workers experiencing a decline in pay in real terms in November, the Office for National Statistics (ONS) revealed on Tuesday.

The latest report on average weekly earnings from the UK’s official statistician body found that in the three months leading up to November, wages — excluding bonuses — rose by 3.8 per cent compared to the same time period in the previous year. However, due to rising inflation, which has hit a ten-year high, wage rises were reduced to zero per cent in real terms.

The ONS report went on to say that in November, weekly earnings fell for the first time since July of 2020, with a decline of one per cent and 0.9 per cent including bonuses.

Director of employment for the Confederation of British Industry, Matthew Percival told Sky News: “Rising inflation means that squeezed incomes joins the difficulties firms are facing filling vacancies as major challenges in the UK labour market.”

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