UK Wage Growth Slows to 4.7% in Three Months to August, Says ONS

Britain’s average weekly earnings, excluding bonuses, rose by 4.7% in the three months to August compared with a year earlier — a slight slowdown from the previous period, the Office for National Statistics (ONS) said on Tuesday.

Economists polled by Reuters had expected annual regular pay growth of 4.7% for the June–August period, down marginally from the 4.8% increase recorded in the three months to July.

The Bank of England is closely monitoring wage growth and other inflationary pressures across the UK economy. According to LSEG data, the Bank kept interest rates steady at 4% last month, and investors now expect the next rate cut to come no earlier than April 2026.