Accredited living wage employers in Scotland have committed to giving staff a pay rise to £8.75 per hour. The 30p increase is to keep in line with inflation and will ensure pay "keeps pace with the real cost of living over the next year", the Living Wage Foundation said. It will be paid by thousands of companies across the UK but research has found 404,000 employees (18%) in Scotland are still paid less than the living wage. Foundation director Katherine Chapman said: "The new living wage rates announced today will bring relief for thousands of Scottish workers being squeezed by stagnant wages and rising inflation. "It's thanks to the leadership of employers across Scotland who are committed to paying all their staff, including cleaners and security staff, a real living wage.
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Bank of England governor says it's too early to raise interest rates
The governor of the Bank of England says weak wage growth and Brexit uncertainty are barriers to a rate rise as pressure builds.
Mark Carney has outlined his opposition to a rise in interest rates as pressure for an increase builds at the Bank of England. The Bank's governor told a City audience "now is not yet the time" to raise borrowing costs to combat Brexit-linked inflationary pressures. His main concern was the potential impact on business sentiment and consumers, as wage growth lags the pace of price increases - driven up by higher import costs since the collapse in sterling's value after last year's EU referendum.
Unemployment in Scotland drops to lowest rate since 2008 financial crash.
Scotland's unemployment rate drops to 2008 levels according to official figures but inflation outstripping wage growth. Scotland’s unemployment rate has dropped to its lowest level in 25 years, according to the latest official figures. A drop of 17,000 in the number of jobless Scots in the three months to April represents a 0.6 per cent fall in the rate to four per cent, last seen at the start of the financial crash in 2008. However the Office for National Statistics also reported a real fall in average earnings, which grew 2.1 per cent, behind the new UK inflation figure of 2.9 per cent.