UK pay picked up less than prices at the end of last year while job vacancies rose to a record and the unemployment rate hit a pandemic low.
Average weekly earnings, excluding bonuses, grew at an annual pace of 3.7 per cent in the final quarter of 2021, data published by the Office for National Statistics showed on Tuesday. However, prices were rising faster than pay, which meant that wages fell 0.8 per cent in real terms.
This is despite a tight labour market. The number of job vacancies in the three months to January rose to a record 1,298,400, an increase of 513,700 from its pre-coronavirus January to March 2020 level.
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