Average weekly earnings including bonuses in the UK surged 7.3% year-on-year to GBP 574 in the three months March to May 2021, the biggest increase since series began in 2001. Annual growth in average employee pay is being affected by temporary factors that have inflated the increase in the headline growth rate; compositional effects where there has been a fall in the number and proportion of lower-paid employee jobs so increasing average earnings; and base effects where the latest months are now compared with the start of the coronavirus (COVID-19) pandemic when earnings were first affected and pushed down. Excluding bones, earnings also went up 6.6 percent to GBP 540. source: Office for National Statistics
Wage Growth in the United Kingdom averaged 2.86 percent from 2001 until 2021, reaching an all time high of 7.30 percent in May of 2021 and a record low of -2.70 percent in March of 2009. This page provides the latest reported value for - United Kingdom Average Weekly Earnings Growth - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United Kingdom Average Weekly Earnings Growth - data, historical chart, forecasts and calendar of releases - was last updated on July of 2021.
Wage Growth in the United Kingdom is expected to be 4.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Wage Growth in the United Kingdom to stand at 3.40 in 12 months time. In the long-term, the United Kingdom Average Weekly Earnings Growth is projected to trend around 2.80 percent in 2022 and 2.20 percent in 2023, according to our econometric models.