UK Pay Growth Eases to 3.9% in Three Months to July

UK total pay growth eased to 3.9% in the three months to July 2026, down from 4.1% to June, the ONS said. Growth excluding bonuses held at 3.5% and matched City forecasts. With unemployment steady at 4.9% and payrolls edging down, easing wage pressure leaves room for rate cuts if inflation stays contained.