British workers to face record pay cut against surging inflation

LONDON: According to official statistics, British employees' salary has been falling behind inflation at historic rates over the past quarter.

In the three months leading up to June, normal pay, excluding bonuses, grew by 4.7%, according to the Office for National Statistics (ONS), the DPA  quoted on Tuesday.

Analysts had anticipated a 4.5 percent wage hike. It comes after CPI inflation set a new record of 9.4% in June, breaking a 40-year streak, and is anticipated to peak at about 11% later this year.

When inflation is factored in, the ONS reported that this causes regular compensation for employees to decrease by 3%, which is the largest decrease since records have been kept in 2001.

The number of people employed in the UK increased by 73,000 between June and July, reaching 29.7 million, according to official statistics.

Darren Morgan, the ONS's director of economic statistics, said: "While the headline rates of unemployment and the proportion of persons neither working nor searching for work remained largely unchanged in the second quarter of 2022, the number of people in employment increased.

"The total number of hours worked each week, meanwhile, seems to have levelled out just a little bit below pre-pandemic levels. The rate of redundancies is still quite low. However, even if there are still a lot of job openings, it decreased for the first time since the summer of 2020.

Consumers are unsure to purchase food due to China's ban on Taiwan imports

China's film authority uses discount coupons to entice moviegoers and boost the stagnant industry

Retail sales and industrial output both miss estimates for July as unemployment and COVID-19 concerns persist


- Sponsored Advert -

Most Popular

- Sponsored Advert -