Pay in the UK growing at fastest increase in over a decade according to ONS

Figures have been released today by the office of national statistics that show pay in the UK spiking by a rate of 4% in the last year over the last year. This is the fastest increase in over a decade and outstrips the rate of inflation twice over. In addition to this unemployment is on the decline there are over 300,000 more people in full-time jobs than 12 months ago. All of this is in spite of Brexit.

In real terms when inflation is factored in this means British workers have received average pay rises of 2.1%. However, this has not stopped Sky News running with the headline “official figures show wage growth of 4% but there are signs of shakier demand for jobs as the clock ticks down to Brexit.” This is despite these figures signalling the 18th month in a row that wages have outstripped inflation as well as the Sky News website stating the “powerhouse service sector, had knocked fears of a recession.”

However, the article cites a report by Manpower who are an American multinational corporation, that states a ’stockhire’ in the run-up to Brexit to future-proof their organisations from possible no-deal Brexit disruption.” This coverage is also mirrored in the Guardian who claim that the report shows that the “UK job market has lost its shine”. Many who view the report will question the motives for these interpretations of these results.

Boris Johnson has undoubtedly had an uncomfortable time in Westminster since becoming PM. However, could these figures be a further sign that Mr Johnson’s strategies a pushing the UK in the right direction. Economic forecast’s around Brexit have been highly inaccurate. The bank of England forecasted that Brexit would have 5 effects, these effects were too “push the pound lower prompt households and businesses to delay spending, increase unemployment, hit economic growth and to Stoke inflation. I will let you calculate how many of these ring true today.

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Oliver Down

Current Affairs Correspondent | My name is Oliver Down I am 22, and a staunch brexiteer. I am a Bristolian lad who studied politics in Leicester. I believe in free speech and accurate journalism and I won’t be afraid to give you “the other side” of the story!

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