Average earnings excluding bonuses in the United Kingdom slowed to 3.6% in February 2026, down from 3.8% recorded in January 2026. The latest figure, updated on 21 April 2026, points to a continued moderation in underlying wage pressures.
The decline suggests that pay growth is cooling gradually, which may have implications for the broader inflation outlook and future monetary policy decisions. With wage gains easing for a second consecutive month, policymakers and markets are likely to watch subsequent releases closely for confirmation of a sustained trend in softer earnings growth.
