MNI BRIEF: UK Regular Earnings Growth At 3-year Low - ONS

Annual growth in UK employees' average regular earnings (excluding bonuses) was 4.8% in the three months to July - the lowest since May 2022 - and total earnings (including bonuses) rose 4.7%, data published by the Office for National Statistics Tuesday showed.

“Wage growth excluding bonuses edged down further in cash terms, though it remains strong by historic standards,” ONS director of economic statistics Liz McKeown said.

Annual average regular earnings growth was 5.6% for the public sector and 4.7% for the private sector. Provisional payrolled employees for August 2025 decreased by 127,000 (0.4%) on the year, and by 8,000 (0.0%) on the month, to 30.3 million. 

The data is unlikely to move the needle for the Bank of England ahead of the rate decison vote on Wednesday, but does underline that the labour market is cooling, albeit from elevated levels. (see MNI BOE WATCH: Seen Slowing QT And Holding Policy Rate )