UK Wage Growth Cools to 3.9% Through July

UK pay growth slowed to 3.9% in the three months to July 2026, down from 4.1% to June, the ONS, the official statistics agency, said. Pay excluding bonuses held at 3.5%, matching City — financial-market — forecasts. With unemployment steady at 4.9% and payroll numbers slipping, softer wage pressure could allow interest-rate cuts if inflation stays contained.