A municipal worker walks past Number 10 Downing Street, in London, Britain, June 9, 2017. REUTERS/Hannah McKay
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U.K. workers see spending power hit, raising pressure on MayBritish workers are suffering from an increasingly tight squeeze in their spending power, data showed Wednesday, adding to concerns about a slowdown in the world's fifth-biggest economy and to the challenges for a weakened Prime Minister Theresa May. A fall of 0.4 percent in wage growth in the three months to April, when adjusted for inflation, represented the biggest loss of real earnings for households since 2014, even as a joint record high proportion of people in Britain are in work.It expects wages to rise by 2 percent this year and pick up in 2018 and 2019, something many economists now say looks optimistic.Economists focused on the weak wage data. In nominal terms, wages grew at the slowest pace since February 2016, rising an annual 2.1 percent in the three months to April and slowing from 2.3 percent in the first quarter.
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