Official Figures Show Rising Wage Growth and Jobless Rate

The UK saw significant wage growth, as basic pay increased by 5.6% in the three months leading up to November, reported by the Office for National Statistics. Despite this positive development, the unemployment rate rose to 4.4% from 4.3%, indicating a complex employment situation, according to the ONS. Real wages also saw an increase of 3.4% after accounting for inflation, attributed to robust pay growth in the private sector. In light of unexpectedly decreased inflation rates last month, the Bank of England is anticipated to lower interest rates from 4.75% to 4.5% in February.