Wages and labour costs · United Kingdom
United Kingdom Average Earnings excl. Bonus (3Mo/Yr)
The United Kingdom Average Earnings excl. Bonus (3Mo/Yr) measures how fast pay, or the total cost of employing people, is rising in the United Kingdom.
- Importance
- Medium
- Released
- Monthly
- Next release
- Currency
- GBP · pound sterling
- Central bank
- The Bank of England
Latest figures
The latest release for AUG, published on 20 October 2026, came in at 3.7%, above the consensus of 3.6%, up from 3.6% the time before (revised).
A higher figure than expected makes the Bank of England more likely to keep rates high or raise them: it tends to support the pound sterling and push bond yields up, and is often a weight on stocks.
Over the last 12 releases it ranged from 3.4% to 4.6%, averaging 3.9%.
| Released | For | Actual | Consensus | Previous |
|---|---|---|---|---|
| 20 Oct 2026 | AUG | 3.7% | 3.6% | 3.6% ® |
| 15 Sep 2026 | JUL | 3.5% | 3.5% | 3.5% |
| 18 Aug 2026 | JUN | 3.5% | 3.4% | 3.4% |
| 21 Jul 2026 | MAY | 3.4% | 3.4% | 3.4% |
| 18 Jun 2026 | APR | 3.4% | 3.2% | 3.4% |
| 19 May 2026 | MAR | 3.4% | 3.4% | 3.6% |
| 21 Apr 2026 | FEB | 3.6% | 3.5% | 3.8% |
| 19 Mar 2026 | JAN | 3.8% | 4% | 4.1% ® |
| 17 Feb 2026 | DEC | 4.2% | 4.2% | 4.4% ® |
| 20 Jan 2026 | NOV | 4.5% | 4.5% | 4.6% |
| 16 Dec 2025 | OCT | 4.6% | 4.5% | 4.7% ® |
| 11 Nov 2025 | SEP | 4.6% | 4.6% | 4.7% |
Why it matters
Wages are the largest cost for service businesses, so wage growth well above productivity growth turns into lasting inflation. Central banks watch it to judge whether inflation will return to target; strong wage growth tends to keep the Bank of England hawkish.
How it is calculated
Pay data come from employer surveys, tax records or collective agreements; the release usually shows the change from a year earlier. Labour cost indexes include employers' social contributions and benefits.
Wage growth (yoy) = average pay ÷ average pay a year ago − 1
Real wage growth ≈ wage growth − inflationWhat changes mean
- Wage growth of about 3–3.5% is roughly consistent with 2% inflation when productivity grows about 1%.
- Compositional effects (low-paid workers losing jobs) can lift the average misleadingly.
Higher than expected: A higher figure than expected makes the Bank of England more likely to keep rates high or raise them: it tends to support the pound sterling and push bond yields up, and is often a weight on stocks.
Lower than expected: A lower figure than expected gives the Bank of England room to cut or hold rates lower: the pound sterling tends to soften and bond yields to fall.
A short history
The link between wages and inflation was described by A. W. Phillips in 1958 (the Phillips curve); it has weakened and strengthened over the decades but remains central to central-bank thinking.
Questions
What is the United Kingdom Average Earnings excl. Bonus (3Mo/Yr)?
The United Kingdom Average Earnings excl. Bonus (3Mo/Yr) measures how fast pay, or the total cost of employing people, is rising in the United Kingdom.
What was the latest United Kingdom Average Earnings excl. Bonus (3Mo/Yr)?
3.7% for AUG, published on 20 October 2026 (consensus 3.6%, previous 3.6%).
When is the next United Kingdom Average Earnings excl. Bonus (3Mo/Yr)?
On Tuesday 17 November 2026 at 07:00 UTC.
Educational content only, not investment advice. Figures are the published results as recorded by our calendar; market reactions described are typical, not guaranteed.