You are here: Home » International » News » Economy
Business Standard

UK earnings after inflation shrink at fastest pace since 2014

Inflation hit an almost four-year high of 2.9% in May

Reuters  |  London 

British workers' earnings after inflation are shrinking at the fastest pace since 2014, underscoring the economic challenge facing a weakened Prime Minister Theresa May as the squeeze on consumers tightens faster than expected, data showed. While a joint record-high proportion of Britons are in work, the fall in real-terms wage growth pointed to tougher times ahead for consumers, the main drivers of economic growth. Inflation hit an almost four-year high of 2.9% in May, fueled by the fall in the pound since last year's Brexit vote and adding to the strain on household ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Wed, June 14 2017. 15:51 IST
RECOMMENDED FOR YOU