UK Pay Awards Cool to 3 Percent
British employers cooled their median pay awards to 3 percent in the three months to August as businesses faced tighter budgets and rising employment costs. The survey data offers reassurance to Bank of England officials regarding domestic inflation pressures.
British pay settlements slowed to 3.0% in the three months to August, reflecting a softer labour market across the United Kingdom. The median award was revised down from 3.2% in the previous period, according to data released on Wednesday. The cooling reflects rising employment costs and tighter corporate budgets.
