LONDON (AP) — Official figures show that wages in Britain are rising at their fastest rate in nearly a decade.
The Office for National Statistics said Tuesday that average weekly earnings in the three months through August were 3.1 percent higher than the year before. That’s up from the 2.9 percent recorded in July and finally confirms expectations at the Bank of England that wages would pick up amid low unemployment and skills shortages.
The increase is the highest since January 2009, when wages started being constrained by the global financial crisis, which led to widespread job losses in Britain.
The central bank, however, is not expected to raise interest rates again any time soon given the uncertainty surrounding Britain’s upcoming exit from the European Union.
