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UK Pay Awards Remain High, Signs of Cool-Down in 2024
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UK pay awards remain at a sustained high level, with the median pay deal in the public sector holding steady at 6.5%. However, there are signs of a potential drop-off in pay awards in 2024, with a going rate of 5%. Official data suggests a significant slowdown in average weekly earnings growth during the three months to October.
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How might a potential drop-off in pay awards impact the UK economy?
What factors are contributing to the sustained high level of pay awards?
What measures can be taken to address the slowdown in average weekly earnings growth?
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