Interest rate forecasts spike as UK basic wage growth hits record high

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ONS figures show annual growth in regular pay, excluding bonuses, was 7.8% in the three months to the end of June. This is the highest rate seen since records began in 2001.

Inflation for June was 7.9% - meaning the two are now almost on a par.

Latest figures will pile pressure on the Bank to continue its rate rising programme, making borrowing more expensive as a result.

Read more: https://news.sky.com/story/cost-of-living-latest-sky-news-blog-12615118

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