Pay and prices
Inflation/pay gap yawns wider
The largest single-year fall in disposable incomes for over 60 years is forecast, as the gulf between prices and pay widens. The Office for Budget Responsibility thinks RPI inflation could reach 9.8%, growing much faster than average earnings (5.3%); and more than double the mid-point in private sector pay settlements (4% on lowest basic rates in the three months to February). January rises at the median included Allied Bakeries and Hovis in Belfast and transport firm Kuehne & Nagel (Airbus contract). In the public sector, among a much narrower range of deals, the median was 2% (as at Newham College and BBC Radio Drama).