Average earnings excluding bonuses in the United Kingdom edged higher in June 2026, suggesting a slight firming in underlying wage pressures. According to the latest data updated on 18 August 2026, regular pay growth rose to 3.5%, up from 3.4% recorded in May 2026.
The 0.1 percentage point increase in June indicates that wage growth is stabilising at a modestly higher level, rather than accelerating sharply. Investors and policymakers closely monitor this “ex bonus” measure as it strips out more volatile variable pay and offers a clearer view of sustained income trends in the labour market.
Although the change is incremental, the uptick in regular earnings growth may factor into market expectations around consumer spending resilience and the future path of monetary policy, as higher pay packets can support demand but also risk feeding into underlying inflation dynamics.
