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Deloitte comments on today's UK average earnings data from ONS/HMRC

17 October 2023

Commenting on today’s UK average earnings data, Ian Stewart, chief economist at Deloitte, said:

“The UK is generating remarkably high levels of wage pressures for an economy where activity is almost flatlining. Wage growth is likely to slow as unemployment rises and falling inflation feeds through into wage settlements.

The latest Deloitte CFO survey shows finance leaders expect a marked deceleration in wage pressures. The labour market has proved resilient until now, but it is expected to see far greater weakness over the next year."