UK wages rise sharply in April, set to bolster expectations of another rate hike next week
LONDON (AP) — Wages in the U.K. spiked sharply in April, official figures showed Tuesday, a development that is set to cement expectations that the Bank of England will raise interest rates once again next week, to the likely dismay of many homeowners suffering from surging mortgage costs as well as high inflation.
The Office for National Statistics found that people’s regular pay packets, which exclude bonuses, were up 7.2% in the three months to April from the same period the year before, as against the equivalent 6.6% increase recorded in January.