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<p>The latest Office for National Statistics data indicates that annual total pay
growth (including bonuses) was 6.5% in the three months to April.</p><p> </p><p>The
National Living and Minimum Wage rate was adjusted this April, in line with the recommendation
from the independent Low Pay Commission (LPC). In light of this, we expect to see
over 2 million workers earn a pay rise, and a further 4 million workers could indirectly
benefit from said rise. We expect this increase to the minimum wage will put more
money in the pockets of over 2.5 million of the lowest-paid people in the country.</p><p>
</p><p>The Government’s priority is halving inflation this year, on the path back
to the target of 2% CPI. Our commitment to this target is iron-clad and it applies
at all times. The Bank of England has the Government's full support as they take action
to return inflation to this target through their independent monetary policy decisions,
in line with the primacy of price stability in the Government’s monetary policy objective.
The Monetary Policy Committee will continue to monitor closely indications of persistent
inflationary pressures in the economy as a whole, including the tightness of labour
market conditions and the behaviour of wage growth and services price inflation.</p>
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