Tuesday 16 August 2022 08:19 AM Pay plunges at a RECORD rate as Britons are hammered by rampant inflation trends now
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Britons' spending power is plunging at a terrifying rate as wages are outstripped by rampant inflation.
Regular pay fell by 3 per cent in real terms in the quarter to June, the worst since comparable records began in 2001. Including bonuses earnings were down 2.5 per cent.
Using the headline CPI inflation rate that does not include housing costs the situation was even worse, with a 4.1 per cent drop in regular pay and 3.6 per cent in total pay.
Meanwhile, there are worrying signs that the jobs market is slowing down, with vacancies falling for the first time since 2020 - albeit from record levels.
In cash terms wages are going up sharply, by 5.1 per cent for total and 4.7 for regular pay. But inflation is surging even faster, with fears figures tomorrow will show CPI in double-digits and prompt the Bank of
