Pay growth at lowest rate in more than five years

Pay growth in the UK has fallen to its lowest rate in more than five years, according to the latest official figures.

Annual earnings - excluding bonuses - grew at an annual rate of 3.8% in the November to January period, the Office for National Statistics (ONS) said.

The figures also showed that the unemployment rate remained unchanged at 5.2%.

The number of vacancies remained "largely stable", the ONS said, with declines in openings at smaller firms being offset by rises among larger ones.

The latest figures come ahead of the latest decision on interest rates from the Bank of England, which is expected to keep the cost of borrowing unchanged.

Until the outbreak of the US-Israeli war with Iran there had been speculation the Bank might cut rates, but this is not expected now as the recent conflict has pushed up the price of fuel and some energy costs.