UK wage growth accelerates to 5.2%

The UK employment myFT Digest reports a rise in average weekly earnings, excluding bonuses, to 5.2%, prompting the Bank of England to hold off on interest rate cuts. Despite a shrinking GDP and impending job cuts due to tax increases, the BoE faces pressure to balance wage growth with inflation targets. With hiring slowing and payrolls increasing marginally, concerns over future economic stability remain as businesses grapple with rising costs and uncertain outlooks.

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