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Record wage growth raises chance of interest rate hike next week, experts warn

Wages in the UK continued to surge at a record pace and have not been outstripped by inflation for the first time in nearly two years, according to official figures.

The Office for National Statistics (ONS) said average regular weekly earnings growth remained at a record high of 7.8 per cent in the three months to July, matching Consumer Prices Index (CPI) inflation for the first time since October 2021.

Chancellor of the Exchequer Jeremy Hunt said: “Wage growth remains high, partly reflecting one-off payments to public sector workers, but for real wages to grow sustainably we must stick to our plan to halve inflation.”

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