Average Weekly Earnings In Great Britain - May 2023

17th May 2023

Growth in employees' average total pay (including bonuses) was 5.8% and growth in regular pay (excluding bonuses) was 6.7% in January to March 2023.

Total pay growth continues to be smaller than regular pay growth because of bonuses; the bonus payments made in March 2023 are at similar levels to March 2022, with the exception of the construction sector and wholesaling, retailing, hotels and restaurants sector that saw a slight decrease.

Growth in total and regular pay fell in real terms (adjusted for inflation) on the year in January to March 2023, by 3.0% for total pay and 2.0% for regular pay; for real total pay a similar fall was seen in the previous three-month period and remains among the largest falls in growth since comparable records began in 2001.

Average regular pay growth for the private sector was 7.0% in January to March 2023, and 5.6% for the public sector; a larger growth for the public sector was last seen in August to October 2003 (5.7%) and the difference between private and public sector growth rates has narrowed in recent months.

The finance and business services sector saw the largest regular growth rate at 8.8%, followed by the manufacturing sector at 6.3% and construction sector at 6.2%.

Average weekly earnings were estimated at £642 for total pay and £598 for regular pay in March 2023. Figure 1 shows that average weekly earnings have steadily increased, with the exception of the early months of the coronavirus (COVID-19) pandemic.

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