UK pay hit by inflation but unemployment falls to 48-year low

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Most workers face fifth month of falling living standards despite soaring City bonuses

Soaring bonuses for City bankers and high signing-on fees for construction and IT professionals pushed average annual pay up by 7% in March, but most of Britain’s workers suffered a fifth consecutive month of falling living standards.

Without bonus payments, workers were paid an average 4.2% wage increase in the three months to March, well below the 7% inflation rate recorded in the same month, according to the Office for National Statistics.

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