UK basic wage growth reaches a record, increasing the Bank of England's concerns.

British earnings excluding bonuses rose by a record 7.8% in the three months to June compared to the same period last year, according to official numbers released on Tuesday. This raises concerns about long-term inflation for the Bank of England.

The unemployment rate unexpectedly increased to 4.2% from 4.0%, the highest level since the three months ending in October 2021, according to the statistics, which also revealed some new indications of slowing in the labour market.

The greatest gain in basic wages since records began in 2001, however, served as more fuel for Britain's high inflation rate as many firms turned to higher pay offers to keep or recruit employees.

With incentives included, the yearly wage increase rose to 8.2%, the strongest rate in ONS statistics since the coronavirus pandemic period, when government job subsidies tilted the figures.

(Sources: investing.com, reuters.com)