Wage squeeze worsens as UK inflation rate jumps to 2.9% – business live

Britain’s cost of living is rising at the fastest pace in four-year high, intensifying the squeeze on households


Britain’s real pay crisis is a sign that austerity has failed, argues the GMB Union.

Tim Roache, GMB general secretary, says Theresa May must take the opportunity to ditch polities such as the public sector pay freeze:

“Yet again, we are seeing the cost of living rise faster than wages. Inflation has risen to almost ten times its rate 12 months ago.

In the real world, that increase means that no matter how hard people work, increasingly they are struggling to pay their bills.

A neat summary of today’s data:

Spot the problem. pic.twitter.com/3IxmppSnqW

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