MNI BRIEF: UK April Wage Settlements Edge Higher - Brightmine
UK wage settlements edged higher in the three months to April, but came in lower than corresponding deals a year ago, a Brightmine survey showed.
According to Brightmine, formerly known as XpertHR, median wage deals in the three months to April came in at 4.9% higher than a year ago, up from 4.6% in the period to March, and down from 6% in the equivalent quarter in 2023. Sheila Attwood, who leads the Brightmine survey, said "we are now noticing some stability, as the first April settlements are also centred on (the 5%) level." (See MNI INTERVIEW: UK Pay Deals Slow To Around 5% In H1-Brightmine)
The Bank of England remains focused on slowing, but still high, wage growth, and current data will be a key factor as policymakers decide on when to finally pull the trigger on rate cuts later this year, although their focus is turning now to the persistence of service inflation. (See MNI BRIEF: BOE's Pill Sees Scope For Rate Cut, Data Key).
Source: BrightMine (formerly XpertHR)