Wages rising at fastest rate since 2007

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New figures show wage growth has increased across the UK in recent months

UK wage growth has risen to a level not witnessed in the UK since prior to the onset of the economic downturn, with the latest government figures revealing wages are now increasing faster than at any time since 2007.

Data published by the Department for Work and Pensions (DWP) has shown UK pay growth (excluding bonuses) has averaged 2.8 per cent during the last 12 months.

As a result, workers up and down the country are continuing to benefit from the ongoing recovery. The DWP's latest data also showed some other positive developments that have taken place in recent months in terms of the nation's strengthening labour market, including:

  • A reduction in long-term unemployment by 184,000 cases in the last year.
  • The number of people in work in the UK has now risen by more than two million from figures recorded in 2010.
  • The female employment rate has now risen to a new record high of 68.7 per cent.
  • Youth unemployment has diminished by 92,000 in the last 12 months and is now at its lowest level since 2008.
  • The UK jobs market now offers 726,000 vacancies (a rise of 68,000 in the last year).

Responding to the announcement, employment minister Priti Patel said: "The strength of the UK labour market is something we should take great pride in. Today's figures show real wages growing at the fastest rate since 2007, and near record numbers of women in work."

Ms Patel added that new plans put forward by the government to enhance productivity across the nation in the years ahead now hope to build on these positive figures, with the government's 'one nation' initiative aiming to enable businesses and individuals alike to fulfil their potential and to drive the country as a whole towards a more prosperous future.