Average Wages Climb

Britons have been given their first pay rise since the beginning of last year with average wages climbing. A year-long squeeze on real incomes, constraining economic growth, has come to an end.
 
Figures released tomorrow are expected to show average wages in February rose 3% on a year earlier, above the inflation rate of 2.7% for the same month. This marks the first time pay growth has outpaced the rise in inflation since January 2017.
 
On Wednesday, statistics from the Office for National Statistics are expected to show a continued decline in inflation to 2.6% in March.
 
The numbers are set to be welcomed by households after inflation over the past year dealt a blow to spending power.
 
The early signs of recovery come after a “lost decade” for pay, which still has some way to go before reaching its pre-financial crisis peak.