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New tax data show increased wage growth


New data gathered by HMRC using real-time PAYE information indicates that Britain’s wage growth rose by 3.1% in the year to September, substantially stronger than the 2.3% reported in official figures. The new numbers do not cover the self-employed but do provide more information on pay by gender, age, region and other characteristics. Samuel Tombs at Pantheon Macroeconomics comments: “If the new figures reflect reality better than the average weekly earnings data, they would imply that the relationship between labour market slack and wage growth hasn’t deteriorated as much as we all thought, strengthening the case for another interest rate rise soon.”

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