UK pay growth remains high, making interest rate cut less likely

Employers continued to increase pay to secure skilled workers in January. Photograph: Victoria Jones/PA

Pay growth remained high at 5.8% in the three months to January, according to official data, maintaining the pressure on Bank of England policymakers to keep interest rates elevated when they announce their decision today.

The rate of pay growth fell slightly but remained well above inflation, indicating that employers continued to offer higher pay to secure skilled workers.