The latest figures from the Office for National Statistics show real terms pay fell by 2.2% between February and April when adjusted for inflation, and even including bonuses it only rose by 0.4%. The fastest fall in ordinary pay since 2011… 

Job vacancies, meanwhile, have hit a record high of 1.3 million from March to May, with unemployment up slightly from last month at 3.8% and the employment rate at 75.6%. Still lower than the pre-pandemic high of 76.5%.

Reacting to the figures this morning, Rishi said:

“Today’s stats show our jobs market remains robust with redundancies at an all time low. Helping people into work is the best way to support families in the long term, and we are continuing to support people into new and better jobs…”

Inflation is still expected to climb higher yet…