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

Average earnings excluding bonuses in the United Kingdom remained unchanged in May 2026, holding at an annual growth rate of 3.4%. The figure matches April 2026’s reading of 3.4%, indicating a period of stability in underlying wage growth. The latest data were updated on 21 July 2026.

The unchanged rate suggests that, at least for now, pay pressures in the UK labor market are neither accelerating nor cooling further, with core earnings growth effectively plateauing over the two-month period. For market participants and policymakers, the steady 3.4% reading offers a consistent reference point in assessing household income dynamics and potential implications for inflation and monetary policy.