UK pay growth slows to 3.9% ahead of Bank of England rate decision

UK pay growth eased to 3.9% in the three months to July, the Office for National Statistics said, ahead of the Bank of England's interest rate meeting.

• ONS figures showed average growth in total earnings, including bonuses, slowed to 3.9% in the three months to July, down from 4.1% in the previous three months.
• The wage growth figure is expected to dictate a 3.9% rise in the state pension next April under the triple-lock guarantee.
• The ONS said the number of workers on company payrolls continued to edge down, driven by job losses in retail and hospitality, while unemployment held steady at 4.9%.
• Liz McKeown, the ONS director of economic statistics, said vacancies are at their lowest level outside the pandemic period for more than a decade, with smaller businesses citing higher labour costs on hiring decisions.