Cost of Living: As mortgage rates spike workers demand higher salaries

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Labour market data from the Office for National Statistics showed average earnings (excluding bonuses) rose 7.3% in the three months to May, the highest on record.

Simultaneously, The average two-year fixed mortgage rate now being demanded of borrowers has climbed above the levels seen last year when financial markets baulked at the government's mini-budget.

Sky News' business correspondent Paul Kelso has been to an Amazon plant in Coventry, where workers on the picket line are demanding higher salaries to sustain the spike in prices.

#costofliving #mortgagerates #skynews

Read more on the story here: https://news.sky.com/story/there-are-signs-the-jobs-market-is-cooling-but-rate-rise-expectations-run-hot-12918951

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