The unemployment rate remained steady at 3.7 percent in the three months to the end of January compared with the three months to the end of December, according to a statement from the Office for National Statistics..
Wages excluding incentives rose by 6.5 percent, but fell by 3.5 percent when inflation is taken into account..
“Although the inflation rate has declined somewhat, it still exceeds revenue growth, which means that real wages continue to decline,” Darren Morgan, director of economic statistics at the Office for National Statistics, said on Tuesday.“.
Britain is still witnessing widespread strikes, as workers protest that their wages do not keep pace with rising consumer prices.
The publication of the data came a day before Chancellor of the Exchequer Jeremy Hunt revealed his latest budget, amid a cost-of-living crisis that has sparked strikes across Britain..
Doctors in hospitals began strikes on Monday for a period of three days to protest their wages, at the beginning of a week that will witness other strikes by professors, train employees and civil servants, in a move that coincides with the disclosure of the budget..
The UK’s annual inflation rate has eased in recent months but remains above 10 percent, five times higher than the Bank of England’s target rate..
“The job market remains strong, but inflation remains very high,” Hunt said in response to Tuesday’s data“.
“When I announce the budget tomorrow, I will outline how we can move forward to act against inflation, reduce debt and get the economy to grow, including by helping more people return to work,” he added.“.
UK inflation, although declining, is still close to a four-decade high on the back of soaring energy bills a year after the Russia-Ukraine war..
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