KEY ECONOMIC INDICATORS

FULL-TIME AVERAGE WEEKLY EARNINGS

pstpw

All workers 414.3

All male 457.0

All female 341.5

All non-manual 472.8

Female non-manual 374.9

pstpw

Male non-manual 555.4

All manual 324.0

Female manual 238.2

Male manual 349.8

Source: Estimates for July 2000 from Labour Market Trends December 2000 updating New Earnings Survey April 1999

Inflation and earnings Forecasts

2001 2002

Retail Price Index

Average 2.3 2.4

Range 1.2-3.9 1.1-3.2

Earnings, whole economy

Average 4.6 4.7

Range 4.1-5.5 3.8-6.0

Figures are for fourth quarter of year in each case. Average of around 40 independent forecasts published by the Treasury.

earnings and pay

% annual rise LRD Whole Manu- Services1 Private Public average economy1 facturing1 sector1 sector1 pay deals2 1999

December 6.0 5.7 6.2 6.6 3.9 3.0

2000

January 6.3 5.5 6.5 6.7 4.4 2.5

February 5.4 4.7 5.5 5.6 4.4 2.5

March 5.1 4.5 5.2 5.5 3.7 2.6

April 4.5 4.5 4.7 4.6 4.3 3.0

May 4.0 5.1 3.5 4.2 3.3 3.0

June 3.8 4.4 3.5 3.9 3.5 3.0

July 3.9 4.4 3.7 3.9 3.5 3.0

August 4.2 4.1 4.3 4.4 3.4 3.0

September 4.2 4.5 4.1 4.5 3.2 3.3

October 4.1 4.2 4.1 4.2 3.5 3.3

November 4.4 4.8 4.4 4.5 4.1 3.3

December (p) 4.4 4.8 4.9 5.1 4.4 3.3

Headline rate

for December3 4.4 4.6 4.5 4.5 3.9

1 Average weekly earnings in Great Britain, seasonally adjusted, as monitored by National Statistics. 2 The midpoint of pay settlements for the three months to July as monitored on the Labour Research Department's PayLine database. 3 The average of the earnings increase figures for the latest three months compared with a year earlier. (p) provisional

Retail prices

Retail price % increase index % excluding (Jan 1987 annual mortgage =100) increase payments 1999

November 166.7 1.4 2.2

December 167.3 1.8 2.2

2000

January 166.6 2.0 2.1

February 167.5 2.3 2.2

March 168.4 2.6 2.0

April 170.1 3.0 1.9

May 170.7 3.1 2.0

June 171.1 3.3 2.2

July 170.5 3.3 2.2

August 170.5 3.0 1.9

September 171.7 3.3 2.2

October 171.6 3.1 2.0

November 172.1 3.2 2.2

December 172.2 2.9 2.0

2001

January 171.1 2.7 1.8

Source: National Statistics

KEY INDICATORS INFLATION +2.7% AVERAGE EARNINGS +4.4%