U.K. November Wage Growth Quickened on Factories, VocaLink Says

Dec. 8 (Bloomberg) -- Take-home pay growth at Britain’s largest publicly traded companies accelerated in November, led by manufacturing companies, VocaLink Ltd. said.

Incomes after tax and other deductions climbed 2.6 percent in the three months through November from a year earlier, the group said in a statement in London today. That compares with 2.5 percent in the quarter through October.

Wage growth at manufacturers picked up to 4.1 percent, the highest in three years, from 2.7 percent, according to the report. Pay growth slowed 0.1 percentage point to 2.4 percent at service companies and dropped to 2 percent from 2.2 percent in the public sector. VocaLink said the increase in manufacturing pay may be due to a number of pay awards linked to retail-price inflation, which was at 5.4 percent in October.

The company, which processes 90 percent of British salaries paid directly to bank accounts, used salary-payment data from more than 200 members of the FTSE 350 Index and more than 600 government-related organizations for the report.

--Editors: Fergal O’Brien, Jennifer M. Freedman

To contact the reporter on this story: Jennifer Ryan in London at jryan13@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net