Kevin Brown, savings expert at Scottish Friendly, has commented on this morning's labour market data from the ONS

A second consecutive month of slowing wage growth is a clear sign that the cooling labour market is continuing to feed through to pay packets.

That will be welcomed by the Monetary Policy Committee (MPC) as evidence that inflationary pressures may be easing – even if only marginally – but it’s unlikely to be enough to shift its policy stance any time soon.

For households, weaker earnings growth means less spending power at a time when the cost of living remains high. That in turn makes the economic growth ministers are so keen to revive even harder to achieve.

In theory, softer pay data strengthens the case for another rate cut, but in practice, the MPC is unlikely to move before the end of the first quarter of 2026.

Either way, those households looking to maintain the future buying power of their wages, and that are able to do so, would do well to top up a high interest savings pot or consider investing to help guard against the ravages of inflation.