The Financial Times reports that Tuesday’s pay figures from the Office for National Statistics “will provide little comfort that inflation is coming under control”.
Economists tell the paper that despite pay falling at its fastest rate on record, when adjusted for inflation wage growth “has more momentum than the Bank of England can tolerate”, and this will put pressure on officials to raise interest rates again next month.
The Times calls the figures “grim” and says that “low paid workers will bear the brunt” of the slowdown in growth and rising interest rates.
The Sun says that despite the drop “the nation will be forced to wait several weeks more for a new prime minister to take charge”. It adds that “the vacuum of Tory leadership in No 10 is being felt more keenly with every passing day”.
The Guardian leads on its report of a leaked recording, in which Liz Truss says British workers need “more graft” and lack the “skill and application” of their foreign counterparts.