ONS: Wages rise as unemployment falls

The UK employment rate was estimated at 76.0% in February to April 2023, 0.2 percentage points higher than November 2022 to January 2023.

 The number of people in employment increased to a record high in the latest quarter with increases in both the number of employees and self-employed workers.

Growth in average total pay (including bonuses) was 6.5% and growth in regular pay (excluding bonuses) was 7.2% among employees from February to April 2023. For regular pay, this is the largest growth rate seen outside of the coronavirus (COVID-19) pandemic.

In real terms (adjusted for inflation), growth in total and regular pay fell on the year from February to April 2023, by 2.0% for total pay and by 1.3% for regular pay.

The ONS also noted that there were 257,000 working days lost because of labour disputes in April 2023.

Reflecting on the rising wages still being below inflation levels, Unite general secretary Sharon Graham said: “Pay is still falling behind inflation. Profiteering continues to make people worse off as wages chase sky-high prices. 

“Meanwhile, the bosses of Sainsbury’s and British Gas are being richly rewarded for rampant profits in food and energy. The rest of us are being told to expect a pay cut.

“Last week, Sainsbury’s boss, Simon Roberts pocketed £5 million. This week Centrica boss Chris O’Shea is in line for a £3.7 million bonus.

“The British economy is blighted by the biggest epidemic of profiteering in business history. It’s well past time something was done about it.”