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UK wages set to rise above inflation

Mon, 14th Apr 2014 09:12

UK wages have returned to pre-recession levels, data is expected to show this week.

The figures, which are due out on Wednesday, are anticipated to reveal a 1.8% jump for the three months ended February 28th, according to a poll of economists carried out by Reuters.

If the data reveals that number, it would mean earnings have risen above the 1.7% climb in the February reading of the consumer price index, and the 1.6% figure expected for March and due to be announced on Tuesday.

The slowdown in the rate on inflation has been attributed largely to a steep decline in price growth.

For its part, Barclays Research on Monday said it also expects average earnings to grow by 1.8%, although excluding bonuses this would be 1.7%, which it added was "in line with our view that wage growth will pick up gradually this year".

Since the financial crisis broke in 2008, inflation has almost consistently outstripped pay, and remains relatively low. Before the crisis levels were around 4-5%.

Monday's prediction comes after a survey of 1,000 medium and large companies found that during the first quarter of 2014 wage settlements increase by an average of 2.5%, according to Incomes Data Services.


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