Average earnings excluding bonuses in the United Kingdom held steady in July 2026, with annual growth unchanged at 3.5%. This matches the revised figure for June 2026, indicating a pause in wage momentum over the early summer period.
The stability in wage growth, confirmed by data updated on 15 September 2026, suggests pay pressures are neither accelerating nor easing significantly in the short term. With earnings ex bonus often watched as a cleaner measure of underlying wage trends, the flat 3.5% reading may factor into expectations for household income resilience and the Bank of England’s future monetary policy stance.
Market participants and policymakers will now look to upcoming releases for signs of whether July’s static reading marks the start of a plateau in pay growth or a temporary pause before any renewed wage acceleration or moderation later in the year.
