Wages Rise 2.4% As Inflation Eases Further

The latest official figures on wages show annual increases of 2.4% as the rate of inflation eases to 0.3%.

Details released by the Office for National Statistics (ONS) highlight the improvement in pay versus rising prices - boosting the spending power of consumers following six years of pay growth lagging behind inflation.

The ONS said wage increases were mostly boosted by bonuses during 2014, with salaries excluding bonus payments rising 1.6% in the year to December.

The annual rate of inflation was measured at 0.5% in that month, slipping further to 0.3% in January.

Wider figures released by the ONS showed the UK jobless rate hit a new six-year low of 5.7% in the three months to December, down from the 5.8% recorded in the previous month.

Unemployment continued to fall, with the jobless total dipping by 97,000 in the quarter to 1.86 million - almost half a million down on a year ago.

Employment increased by 103,000 to almost 31 million, the highest since records began in 1971.

The number of people claiming jobseeker's allowance was cut by 38,600 in January to 823,000, the 27th consecutive monthly fall.

Long-term unemployment was also down, falling by 210,000 for those out of work for over a year, to 638,000.

The cost of living and wider economy have formed the battleground for the looming General Election in May.

Work and Pensions Secretary Iain Duncan Smith said: "With unemployment continuing to fall, wages rising, and a record number of people in work, it's clear that the Government's long-term economic plan to get the country back on track is working.

"The jobs-led recovery is changing people's lives for the better on a daily basis. We are getting people into work, making work pay, and in so doing we are ensuring a better future for Britain."

David Cameron said the employment and inflation figures were "a good double", telling workers during a visit to a West Sussex Rolls-Royce plant: "Since I became Prime Minister, we haven't solved or tackled all of unemployment, but we have got 1.85 million more people in work today than when I became Prime Minister.

"We've created effectively 1,000 jobs every day since this Government's been in office."

Labour argues that too many of the jobs are part time or zero hour contracts.

Shadow employment minister Stephen Timms said: "Today's fall in overall unemployment is welcome but five years of the Tories' failing plan has left working people £1,600 a year worse off since 2010.

"Low pay has left millions of working families struggling to make ends meet and has led to billions more spent on the housing benefit bill."

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