The Resolution Foundation have spotted that private sector pay growth in the UK has fallen to its weakest level since the start of the decade.

At just 2.9% per year in May-July, pay growth in the private sector is the joint lowest rate since October 2020.

“The big winners from today’s ONS data are pensioners, who are set for another large rise in the state pension next spring thanks to the triple lock.

“The biggest losers are workers in the private sector who are already earning less than they were last autumn. With wage growth slumping to its lowest rate in nearly six years, the UK’s private sector pay squeeze will tighten over the coming months as inflation rises.