UK wage growth accelerates to 5.6%

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UK wage growth accelerated in the three months to November even as employers cut jobs following the Labor government’s tax-raising budget, official data showed on Tuesday.

The Office for National Statistics said paid employment fell 0.1 percent between October and November and was 11,000 lower in the three months to November than in the previous quarter.

December could be a big month, with the number of payroll workers falling by 47,000 to 30.3 million, according to preliminary estimates.

At the same time, wage growth has strengthened. Average weekly earnings in the three months to November were 5.6 per cent higher than a year earlier, including and excluding bonuses, the ONS said.

This was in line with analysts’ expectations and was driven by private sector earnings from a 5.2 percent growth rate in the three months to October.

This is a developing story