UK Pay Raises Are Getting Smaller

Growth in UK pay slowed to 3.9% in the three months to July 2026, down from 4.1% to June, the national statistics office said. Pay without one-off bonuses stayed at 3.5%, as experts expected. With joblessness steady at 4.9% and employee numbers dipping slightly, cooler wage pressure could allow cuts to borrowing costs if price rises stay low.