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U.K. Wages Unchanged at 3%: Automakers Limiting Raises

Wage growth in the U.K. remained unchanged at 3%, as automakers report that they limited wage increases.

Edited from Bloomberg.com

U.K. wage growth remained unchanged at 3% in the quarter through November. Automakers such as Ford Motor Co., Jaguar, and BMW, limited salary increase, a London-based research group said. Ford's salary rise was the lowest in more than a decade, a likely result of the ongoing decline in industrial production.

According to an Incomes Data Services report, the median has now been running at 3% for four consecutive roling three-month periods. The survey last showed a higher increase in July of 3.1%.

The Bank of England policy makers have said they're concerned that pay demands in Britain's $2 trillion economy may be fuelled by higher oil prices. Such pressures have yet to materialize after wage growth slowed in the third quarter, government figures showed Nov. 16.

Incomes Data Services forecasts that wage growth during the January to April period will range from 2.5 to 4%.

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