Wage growth in the UK has slowed to its lowest rate in 10 months, according to official figures from the Office for National Statistics (ONS). The average regular earnings, excluding bonuses, increased by 6.6% in the three months to November, down from a revised 7.2% in the previous three months. This is the lowest rate since January last year and one of the steepest falls in earnings growth since the pandemic began. However, the latest data could reassure Bank of England policymakers that higher interest rates are impacting the economy, reinforcing expectations of borrowing cost cuts later this year. When considering the effect of…
