Regular pay in the UK, excluding bonuses, rose 3.4% year-on-year to GBP 693 per week in the three months to March 2026, easing from a 3.6% growth in the previous period and matching market expectations. It was the weakest increase since the three months to October 2020, with private sector wages slowing to 3.0% from 3.2%, the lowest since the three months to October 2020. Also, public sector pay moderated to 4.8% from the prior 5.2%, the softest since late 2024. By industry, annual gains were seen in wholesale, retail, hotels, and restaurants (3.6%), manufacturing (3.2%), services (3.6%), and finance and business services (2.4%), but declined for construction (-0.6%). Adjusted for inflation, real wages edged up 0.1% in the three months to March, after a 0.2% gain in the previous period, the lowest since mid-2023.