However, there is still pressure on wages, as regular wage increases are not in line with the rising cost of living, according to the British Statistics Office.
The office said that if the price increase is taken into account, we will find that the value of regular wages has fallen by 2.9 percent.
He pointed out that regular wages, excluding incentives, rose at an annual rate of 5.4 percent during the period from last June to August.
The office revealed that this is the highest increase in regular wages away from the period of the Corona epidemic, and the number of vacant jobs decreased during the three months until last September by 46,000 jobs, bringing the total to one million and 246 thousand, which is the largest decline since mid-2020 during the Corona epidemic period.
And economic data showed at the end of last September that the British economy grew, contrary to expectations, in the second quarter by 0.2%, compared to the previous quarter, despite inflationary pressures and the energy crisis.
Expectations of the British Central Bank indicate that the country’s economy will head into a long recession that begins in the last quarter of this year and will continue throughout the next year, which is considered the longest recession in the country since the global financial crisis.
It is noteworthy that Fitch Ratings has lowered its outlook for the UK economy, as a result of the British government’s announcement of the tax cuts plan at the end of last September.
The plan sparked a crisis related to investor confidence in the government, which undermined the value of the pound sterling, the prices of government bonds, and shook global markets, to the point that the Bank of England intervened with a bond-buying program worth 65 billion pounds ($73 billion) to support markets. . And that was before Terrace announced its withdrawal from the plan.
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