Tags: EU | Britain | Economy

UK Wage Growth Picks up to Ease Squeeze on Living Standards

Wednesday, 16 August 2017 05:34 AM EDT

LONDON (AP) — Official figures are suggesting that the squeeze on living standards in Britain since last year's Brexit vote is abating.

The Office for National Statistics said Wednesday that average weekly earnings, including bonuses, increased by 2.1 percent in the three months to June against the same period the previous year. That was ahead of market expectations for a 1.8 percent rise. Excluding bonuses, the rise was the same, and ahead of expectations of 2 percent.

In light of Tuesday's news that inflation held steady at 2.6 percent in July, the earnings figures suggest pay packets have slightly more purchasing power.

The gap between inflation and earnings has increased since last year's vote to leave to the European Union as the ensuing fall in the pound stoked inflation by raising import costs.

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Europe
Official figures are suggesting that the squeeze on living standards in Britain since last year's Brexit vote is abating.The Office for National Statistics said Wednesday that average weekly earnings, including bonuses, increased by 2.1 percent in the three months to June...
EU,Britain,Economy
132
2017-34-16
Wednesday, 16 August 2017 05:34 AM
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