Wages fall at record rate

The Office for National Statistics (ONS) has announced that regular pay fell at a record rate of 3% between April and June this year.

Not only did wages fall for workers around the country, but the rising cost of energy bills and higher fuel and food prices continued to increase.

The ONS said growth in regular pay, excluding bonuses, was 4.7% in April and June 2022, which is the fastest growth in 15 years outside of the pandemic. But, due to inflation, wages actually fell by a record 3%.

Growth in average earnings, including bonuses, was 5.1% but still failed to keep up with rising living costs.

Unemployment rates were steady in the three months to June at 3.8%, close to the lowest levels since the 1970s. However, the statistics showed a drop in job vacancies for the first time since the summer of 2020.

Chancellor Nadhim Zahawi has said it's encouraging to see the level of unemployment at a low rate but understands that times are still difficult for people with rising inflation.

"Although there are no easy solutions to the cost of living pressures people are facing, we are providing help where we can," he said.

Ask us about your tax bills.