Real pay growth hit its highest level since 2001 in December, raising concerns about future inflation.

The UK economy grew by 0.4% in October as the economic recovery continued to slow with the UK economy remaining around 8% below its pre-pandemic peak, according to the latest figures from the Office for National Statistics (ONS).

UK inflation rose at the slowest pace in almost three years last month, with CPI inflation dropping from 1.7% to 1.5%.

The Consumer Prices Index measure of inflation fell to 1.7% in August to 1.7%.