UK pay growth leaps to 5.2%, reducing chances of interest rate cut

Rise in wages for skilled workers in manufacturing sector drives increase, but vacancies fall again

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UK pay growth accelerated to 5.2% in October, putting pressure on the Bank of England to resist calls for lower interest rates when policymakers meet later this week.

The Office for National Statistics (ONS) said annual growth in employees’ average earnings jumped after a significant rise in wages paid for skilled workers in the manufacturing sector.