Wages soared by 8.3pc between May and July, fuelled by a shortage of workers affecting employers across Britain, according to new data released today.
Growth in total average pay including bonuses rose by 8.3pc while average pay excluding bonuses surged 6.8pc higher, the Office for National Statistics said.
That came as the unemployment rate fell to 4.6pc while vacancies soared to a new record high of 1.034m between June and August.
5 things to start your day
1) Energy prices rocket to new high amid global gas crunch: Experts warn that heavy energy users such as factories and steel mills might have to switch to diesel generators to cut their exposure to price rise.
2) Workers face ‘triple whammy’ hit to income: Families face losing £900 a year in 2022 as Boris Johnson’s tax raid combines with rising inflation and benefit cuts.
3) Britain should go on the offensive with trade deals, says Truss: The UK is perfectly placed to take advantage of the world’s growing middle classes, according to a new Government report.