Fiscal drag will push 55,000 working parents into the childcare tax trap, according to new analysis by the Centre for Economics and Business Research
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UK wages rose in the three months to October, but continued falling in real terms amid the ongoing cost of living crisis.
Figures also revealed that while unemployment is still low, it increased slightly to 3.7%. Meanwhile the number of open job vacancies fell by 65,000 to 1.19 million.
The Office for National Statistics figures show that both average total pay (including bonuses) and regular pay (excluding bonuses) increased by 6.1% between August and October 2022.