When examining the outlook over the next three years, during which time the government plans to keep the pay cap in force, the average increase in the value of the economy is set to run at 1.8%, average earnings growth is expected to average 2.8% and the cost of living is due to grow at 3.4%. Sources: * Based on GDP forecasts from Office for Budgetary Responsibility, Economic and Fiscal Outlook, March 2017 ** Based on average earnings forecasts from Office for Budgetary Responsibility, Economic and Fiscal Outlook, March 2017 ** Based on RPI forecasts from HM Treasury, Forecasts for the UK Economy, February 2017
When examining the outlook over the next three years, during which time the government plans to keep the pay cap in force, the average increase in the value of the economy is set to run at 1.8%, average earnings growth is expected to average 2.8% and the cost of living is due to grow at 3.4%. Sources: * Based on GDP forecasts from Office for Budgetary Responsibility, Economic and Fiscal Outlook, March 2017 ** Based on average earnings forecasts from Office for Budgetary Responsibility, Economic and Fiscal Outlook, March 2017 ** Based on RPI forecasts from HM Treasury, Forecasts for the UK Economy, February 2017