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| UK wage growth fastest for nearly 10 years | |
| (35 minutes later) | |
| Wages excluding bonuses have risen at their fastest pace in nearly 10 years, official figures show. | |
| Pay rose by 3.1% in the three months to August, compared with a year ago, while inflation for the same period was 2.5%. | |
| Last week, Bank of England chief economist Andy Haldane said he saw signs of a "new dawn" for wage growth. | Last week, Bank of England chief economist Andy Haldane said he saw signs of a "new dawn" for wage growth. |
| The latest official data also showed unemployment fell by 47,000 to 1.36 million in the three months to August. The jobless rate remained at 4%. | |
| David Freeman, the Office for National Statistic's (ONS) head of labour market, said: "People's regular monthly wage packets grew at their strongest rate in almost a decade, but, allowing for inflation, the growth was much more subdued. | |
| "The number of people in work remained at a near-record high, while the unemployment rate was at its lowest since the mid-1970s." | |
| The average pace of wage growth was 4% before the global financial crisis. | |
| Economists have been puzzled why wages have grown so slowly even as unemployment has fallen sharply. | |
| The ONS figures showed the number of people in work was little changed at 32.39 million, down by just 5,000. |