Workers face inflation squeeze fuelled by Iran war, as Bank of England prepares for interest rates decision Business live – latest updates Wage growth in the UK has slowed as workers come under pressure from a renewed cost of living squeeze fuelled by the Iran war, highlighting the challenge for the Bank of England as it prepares to set interest rates. Data from the Office for National Statistics (ONS) shows average growth in total earnings, including bonuses, eased to 3.9% in the three months to July, down from 4.1% in the three months to June, matching the forecasts of City economists. Continue reading...