UK wages figures will affect state pension, interest rates – and Rachel Reeves

UK wages figures will affect state pension, interest rates – and Rachel Reeves

Likely 4% pension rise next year could help defuse row facing chancellor over winter fuel payment

UK state pension could rise by about £460 a yearBusiness live – latest updates

Among the many figures included in the monthly health check of the UK labour market from the Office for National Statistics one had special significance: the annual increase in average earnings.

That’s not because the other pieces of data don’t matter. The jobless rate (which fell from 4.2% to 4.1%), the number of people in work, the level of vacancies and the days lost through strikes all convey important information about the state of the economy.

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