FX.co ★ UK Wage Growth Ticks Higher in March as Average Earnings Index Rises to 4.1%

Average pay growth in the United Kingdom edged up in March 2026, with the Average Earnings Index including bonuses reaching 4.1%, compared with 3.9% in February 2026.

The latest figures, updated on 19 May 2026, signal a modest acceleration in wage pressures across the UK labour market. The move from 3.9% to 4.1% suggests that earnings, including bonus payments, continued to rise heading into the spring period, a key data point for investors tracking the interplay between wage dynamics, inflation, and future monetary policy decisions.

Market participants are likely to scrutinise whether this upturn in pay growth proves persistent, as stronger wage gains can influence consumer spending power and potentially shape expectations around the Bank of England’s policy stance in the coming months.