{"id":39357,"date":"2022-08-16T14:52:20","date_gmt":"2022-08-16T14:52:20","guid":{"rendered":"https:\/\/www.withinnigeria.com\/broadnews\/?p=39357"},"modified":"2022-08-16T14:52:20","modified_gmt":"2022-08-16T14:52:20","slug":"british-workers-to-face-record-pay-slump-against-surging-inflation","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/broadnews\/2022\/08\/16\/british-workers-to-face-record-pay-slump-against-surging-inflation\/","title":{"rendered":"British workers to face record pay slump against surging inflation"},"content":{"rendered":"<header class=\"entry-header\" aria-label=\"Content\"><\/header>\n<div class=\"entry-content\">\n<p>British workers saw their pay lag behind <a href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/08\/12\/rwandas-central-bank-raises-key-interest-rate-to-curb-rising-inflation\/\">inflation<\/a> at record levels over the past quarter, according to official figures.<\/p>\n<p>The Office for National Statistics (ONS) said regular pay, excluding bonuses, grew by 4.7 percent over the three months to June.<\/p>\n<p>Analysts had predicted that wages would increase by 4.5 percent.<\/p>\n<p>It comes after CPI inflation hit a new 40-year record of 9.4 percent in June and is expected to peak at around 11 percent later this year.<\/p>\n<p>The ONS said this resulted in a 4.1 percent drop in regular pay for employees once CPI inflation is taken into account, representing the biggest slump since records began in 2001.<\/p>\n<p>Official figures also showed that the number of UK workers on payrolls rose by 73,000 between June and July to 29.7 million.<\/p>\n<p>Meanwhile, the <a href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/02\/23\/fg-to-collaborate-with-republic-of-korea-in-tackling-unemployment\/\">unemployment rate<\/a> increased to 3.8 percent for the quarter compared with 3.7 percent for the previous period.<\/p>\n<p>\u201cThe number of people in work grew in the second quarter of 2022, whilst the headline rates of unemployment and of people neither working nor looking for a job were little changed.<\/p>\n<p>\u201cMeanwhile, the total number of hours worked each week appears to have stabilized very slightly below pre-pandemic levels. Redundancies are still at very low levels.<\/p>\n<p>\u201cHowever, although the number of job vacancies remains historically very high, it fell for the first time since the summer of 2020,\u2019\u2019 ONS director of economic statistics Darren Morgan said.<\/p>\n<p>Vacancy numbers hit 1.274 million over the three months from May to July, slipping by 19,800 in the first signal the UK\u2019s hot labour market could be cooling.<\/p>\n<p>Chancellor Nadhim Zahawi said: \u201cToday\u2019s stats demonstrate that the jobs market is in a strong position, with unemployment lower than at almost any point in the past 40 years good news in what I know are difficult times for people.<\/p>\n<p>\u201cThis highlights the resilience of the UK economy and the fantastic businesses who are creating new jobs across the country.&#8221;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>British workers saw their pay lag behind inflation at record levels over the past quarter, according to official figures. The Office for National Statistics (ONS) said regular pay, excluding bonuses, grew by 4.7 percent over the three months to June. Analysts had predicted that wages would increase by 4.5 percent. It comes after CPI inflation [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":39396,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[238],"tags":[2406],"class_list":["post-39357","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-foreign","tag-inflation"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>British workers to face record pay slump against surging inflation &#187; BROAD NEWS \u2014 WITHIN NIGERIA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/08\/16\/british-workers-to-face-record-pay-slump-against-surging-inflation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"British workers to face record pay slump against surging inflation\" \/>\n<meta property=\"og:description\" content=\"British workers saw their pay lag behind inflation at record levels over the past quarter, according to official figures. The Office for National Statistics (ONS) said regular pay, excluding bonuses, grew by 4.7 percent over the three months to June. Analysts had predicted that wages would increase by 4.5 percent. 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