Record wage rises still outpaced by soaring inflation

Wages are rising at their fastest rate in more than 20 years, but still lag well behind the soaring cost of living.

Regular pay rose by 5.7% in the year to September, the fastest growth since 2000 excluding the pandemic, when people got big rises returning to work from furlough.

However, when adjusted for rising prices, wages fell by 2.7%.

The cost of living is currently rising at its fastest rate in almost 40 years, in part due to the war in Ukraine.

Energy and food prices have shot upwards, leaving many people struggling to pay their bills.

The UK unemployment rate rose slightly to 3.6% in the three months to September, up from 3.5% in August, official figures show.

However, while this is near a 50-year low, the Bank of England has warned that unemployment will nearly double by 2025 as the UK goes through a tough recession.

On Thursday, Chancellor Jeremy Hunt will set out his plans to get the economy back on track, with spending cuts and tax rises expected.

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