BUSINESS LIVE: Wage increases are ringing alarm bells for retirees

BUSINESS CLOSE: Increase in wages could mean a big increase in state pensions; Share price Asos falls sharply; FCA promises to become more assertive

  • New data shows that the number of open vacancies has reached pre-pandemic levels
  • In the three months to May, annual total wage growth reached 7.3%, ONS . said
  • Online retailer Asos has seen its share price drop by more than 14% today
  • Financial Conduct Authority pledges to be ‘assertive’ in its approach

Against the dollar, the FTSE 100 closed 79.17 points lower at 7012.02 and the pound was at $1.38.

New figures released this morning by the Office for National Statistics show that the number of job vacancies in Britain in the three months to June has surpassed pre-pandemic levels.

The ONS said 862,000 jobs were offered in Britain between April and June, which is 77,500 more than in the same quarter in 2020.

The ONS said the rise was driven by “hospitality, wholesale and retail trade.” The number of people on the payroll also grew, by 356,000 in June, the figures show.

But the ONS said the number of contractors remained 206,000 below pre-pandemic levels, at 28.9 million.

In the three months to May, annual total wage growth reached 7.3 percent and annual regular wage growth reached 6.6 percent.