UK IDR: Employers offer record pay awards in three months to April

As per the latest UK Incomes Data Research (IDR) update cited by Reuters, “The median pay settlement awarded by major British employers had increased to 5.6% in the three months to April, the highest in records dating back to 2005 and up from 5.0% in the three months to the end of March.”

The news also states that British employers agreed pay increases averaging 5.6% in the three months to April, reflecting high consumer price inflation and a hefty rise in the minimum wage, putting further pressure on the Bank of England (BOE) to keep raising interest rates.

More to come