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Wage growth suggests brighter pay future for UK workforce - CIPD

Commenting on the latest ONS labour market statistics, Ian Brinkley, Acting Chief Economist for the CIPD, the professional body for HR and people development, said:

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"The labour market continues to expand, with most new jobs for full time permanent employees confirming once again that there has been no shift towards insecure, atypical working in the UK labour market. There has also been a welcome strengthening of real wage growth measured by the change in regular pay.  As the recent increases in wage growth have also been accompanied by a recovery in productivity, there are no inflationary implications and therefore little reason for the Bank of England to raise interest rates.

"However, the number of people of working age who want a job but are classified as economically inactive – neither in work or actively seeking work – also increased by around 100,000 to just over 2 million. This is a reminder that much still remains to be done to secure suitable jobs for all those who would like to work but are currently excluded from the labour market."