UK labour market cools as pay growth slows and job losses rise

ONS figures come as the government is under pressure to revive Britain’s economy before the budget

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The UK’s labour market has continued to cool, according to official figures, amid a slowdown in annual pay growth and rising job losses.

Figures from the Office for National Statistics show annual growth in regular earnings, excluding bonuses, slowed to 4.8% in the three months to July, down from 5% in the three months to June, matching the forecasts of City economists.