Wage growth in the UK fell to its lowest level in more than two years this summer. This is a sign that inflationary pressure is easing. This allows the Bank of England to cut interest rates again this year. The UK Office for National Statistics announced on Tuesday that the average income without bonuses increased 4.9% year-on-year in the three months ending August. This is the smallest increase since the second quarter of 2022, and is in line with economists' median estimates. Wage growth in the private sector fell from 5% to 4.8%.

Wage growth in the UK fell to its lowest level in more than two years this summer. This is a sign that inflationary pressure is easing. This allows the Bank of England to cut interest rates again this year. The UK Office for National Statistics announced on Tuesday that the average income without bonuses increased 4.9% year-on-year in the three months ending August. This is the smallest increase since the second quarter of 2022, and is in line with economists' median estimates. Wage growth in the private sector fell from 5% to 4.8%.