Chancellor of the Exchequer Rachel Reeves has adopted a stricter stance on public sector pay increases, emphasizing that above-inflation raises will only be granted if they can be supported by productivity gains. This shift aims to reassure financial markets of the government's commitment to prudent fiscal management, balancing the needs of public workers with taxpayer interests.
The Resolution Foundation warns that an impending rise in UK payroll taxes could exacerbate wage stagnation, significantly impacting lower-earning workers. By 2028, real weekly wages are expected to be only £13 higher than two decades ago, hindered by inflation and stagnant pay during the current parliamentary term. This analysis aligns with findings from the Office for Budget Responsibility regarding Chancellor Rachel Reeves' plans to raise £26 billion through increased National Insurance contributions.
UK consumer confidence has dipped slightly, with a GfK survey showing a 1-point decline to minus-21 in October. This downturn reflects growing concerns over Labour's upcoming budget, overshadowing improvements in personal financial sentiment and raising fears of a potential "vibecession."
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