Inflation Squeezes UK Wages

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The government of the United Kingdom on Tuesday announced that Inflation had reached a near four year high as it increased by 2.9%. New figures show workers’ wages are also beginning to shrink at a very fast pace.

Following the Brexit vote, the pound was weakened and imported goods prices had been pushed up including foreign package holidays, imported computer games and a long list of others.

Wages have struggled to keep pace and total earnings after inflation fell by 0.4%, this is the biggest drop since September 2014.

The labour market kept fighting as the unemployment rate remained unchanged at 4.6%5.  Experts expect the unemployment t stay stable in the short term and would gradually rise to 5.1% by the end of 2018.

In light of this figures the British government has promised to adopt Brexit policies with the nation’s economic interests at heart.

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