UK PAY GROWTH SLOWS  

Wage growth in the UK slowed over the last quarter to 7.3 per cent, down from a 7.8 per cent jump in the previous quarter, according to the Office for National Statistics (ONS) (The Times). 

Although the pay growth recorded by the ONS was among the highest since records began two decades ago, there are signs that weak economic growth amid high inflation have prompted companies to curb pay.  

The wider ONS figures showed unemployment remained unchanged at 4.2 per cent over the same three-month period (Sky News).

PACE OF RISING RENTAL COSTS HAS PEAKED, ACCORDING TO ZOOPLA

Rapid rises in the cost of renting have already peaked, according to Zoopla, although tenants will still have to pay more next year (BBC News). 

Its latest report on the rental sector suggests rent on new lets was 9.7 per cent higher in October compared with a year earlier, averaging £1,201 a month. Although still a big increase, the rise in costs has cooled, with Zoopla predicting the slowdown will continue towards a more "balanced" market in 2024 for tenants. 

Zoopla also predicts that rents across the UK will increase by five per cent to December 2024. This would be the smallest increase in roughly three years (Sky News). 

NEWS IN BRIEF

The UK’s tax level has soared to an all-time high, according to new figures from the Organisation for Economic Cooperation and Development (OECD) (City AM). 

The Financial Conduct Authority (FCA) has said it is concerned about the amount of interest and fees charged by some investment platforms and has written to 42 firms warning it could intervene to ensure fair value (Reuters). 

Small and medium-sized businesses across the UK are cutting back on investment as they grapple with high interest rates and a slowing economy, according to accounting software provider Sage (Bloomberg). 

The UK is increasingly reliant on a narrow group of high-performing companies to drive its productivity growth, according to new data from the Office for National Statistics (ONS) (Financial Times).