Figures showing the UK unemployment rate at its lowest level since before the pandemic were today offset by more signs of the squeeze on living standards.
The Office for National Statistics said demand for workers remains strong after the jobless rate fell by more than expected to 3.9%, but it also noted that pay excluding bonsues was 1% lower in real-terms over the period between November and January.
This position is set to deteriorate in the coming months as inflation pressures intensify, although there was some encouragement today when Brent crude prices fell back to $100 a barrel.
