FX.co ★ UK Wage Growth Holds Steady as Average Earnings ex Bonus Remain at 3.4% in April

Average earnings excluding bonuses in the United Kingdom were unchanged in April 2026, holding at an annual growth rate of 3.4%, the same pace recorded in March 2026. The latest figures, updated on 18 June 2026, suggest wage pressures are stable, with no acceleration or slowdown in underlying pay growth over the period.

The flat reading may be closely watched by policymakers and markets, as earnings excluding bonuses are often viewed as a key indicator of underlying wage dynamics and potential inflationary pressure. With pay growth neither strengthening nor weakening between March and April, the data point to a period of relative stability in the UK labour market’s core wage trend.