Average regular pay which excludes bonus payment in the UK went up 6.7% year-on-year to GBP 598 in the three months to March 2023, slightly higher than 6.6% in the previous period but below forecasts of 6.8%. Average regular pay growth for the private sector was 7% and for the public sector was 5.6%, which is the highest for the public sector since October of 2003. The finance and business services sector saw the largest regular growth rate at 8.8%, followed by the services sector at 6.9%. Meanwhile, regular pay went down 2% when adjusted for inflation, the smallest squeeze for regular pay since March of 2022. source: Office for National Statistics
Average Earnings Excluding Bonus in the United Kingdom averaged 3.06 percent from 2001 until 2023, reaching an all time high of 7.30 percent in June of 2021 and a record low of -0.20 percent in June of 2020. This page includes a chart with historical data for the United Kingdom Average Earnings Excluding Bonus YoY. United Kingdom Average Earnings Excluding Bonuses YoY - data, historical chart, forecasts and calendar of releases - was last updated on June of 2023.
Average Earnings Excluding Bonus in the United Kingdom is expected to be 5.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United Kingdom Average Earnings Excluding Bonuses YoY is projected to trend around 3.00 percent in 2024 and 2.50 percent in 2025, according to our econometric models.