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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 ...

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