Average weekly earnings including bonuses in the UK surged 4.7 percent from a year earlier to GBP 567 in the three months to December of 2020, the biggest rise since the three months to April of 2008 and well above market forecasts of a 4.1 percent gain. Wages increased in both the private (4.6 percent) and public sector (4.3 percent); services (5.3 percent) and finance and business services (6.8 percent); manufacturing (1.5 percent); wholesaling, retailing, hotels & restaurants (4.2 percent) and construction (1.9 percent). Excluding bonuses, nominal wages jumped 4.1 percent to GBP 534, the biggest rise since the three months to May of 2008, and beating market estimates of a 4 percent gain. Current average pay growth rates are being affected upwards by a fall in the number and proportion of lower-paid jobs compared with before the coronavirus pandemic; it is estimated that underlying wage growth - if the effect of this change in profile of jobs is removed - is likely to be under 3%. source: Office for National Statistics
Wage Growth in the United Kingdom averaged 2.81 percent from 2001 until 2020, reaching an all time high of 6.70 percent in February of 2007 and a record low of -2.70 percent in March of 2009. This page provides the latest reported value for - United Kingdom Average Weekly Earnings Growth - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United Kingdom Average Weekly Earnings Growth - data, historical chart, forecasts and calendar of releases - was last updated on March of 2021.
Wage Growth in the United Kingdom is expected to be 2.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Wage Growth in the United Kingdom to stand at 1.60 in 12 months time. In the long-term, the United Kingdom Average Weekly Earnings Growth is projected to trend around 1.50 percent in 2022 and 1.90 percent in 2023, according to our econometric models.