As per the latest UK Incomes Data Research (IDR) update cited by Reuters, “The median pay settlement awarded by major British employers had increased to 5.6% in the three months to April, the highest in records dating back to 2005 and up from 5.0% in the three months to the end of March.”

The news also states that British employers agreed pay increases averaging 5.6% in the three months to April, reflecting high consumer price inflation and a hefty rise in the minimum wage, putting further pressure on the Bank of England (BOE) to keep raising interest rates