The latest official figures indicate a slowdown in wage growth and signs of a stalling UK job market.

Pay growth, excluding bonuses, decreased to 7.3% in the three months to October, accompanied by a drop in job vacancies.

Despite the slowdown in earnings growth, it still outpaces inflation, making a Bank of England interest rate cut less likely.

ALSO READ: UK commits $1bn to afdb in support of South Africa’s clean energy transition

The number of people on payrolls and job vacancies continued to decline, with the latter falling by 45,000 between September and November, marking the longest period of decline on record.

However, overall vacancies remain above pre-pandemic levels at 949,000.

Inflation has fallen to 4.6%, and while there are expectations of interest rate cuts, the Bank of England may maintain current rates amid inflation concerns.