UK Average Earnings
Measures the average wage, including and excluding bonuses, paid to employees, measured quarter-on-quarter from the previous year.
Related terms
UK Claimant Count Rate
The number of people claiming unemployment benefits. Claimant count figures tend to be lower than unemployment data since not all of the unemployed are eligible for benefits.
Read full definitionInflation
The decline of a currency’s purchasing power over time, calculated by measuring the cost of a basket of widely consumed goods and services. As prices rise, money buys less, increasing living costs and potentially reducing living standards.
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Account Deficit
A negative balance of trade or payments, where a country’s imports and outgoing payments exceed its exports and incoming payments.
Read full definitionAsian Central Banks
The monetary authorities of Asian countries. They have become increasingly active in major currencies as they manage growing pools of foreign currency reserves arising from trade surpluses, and their market interest can influence currency direction in the short term.
Read full definitionBank for International Settlements (BIS)
A global financial institution owned by central banks, based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City. Its original members were Switzerland, Germany, Belgium, France, Britain, Italy, the United States and Japan.
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One of China’s four largest state-owned commercial banks. It maintains close relations with the People’s Bank of China in management, administration and cooperation across several areas.
Read full definitionBank of England (BoE)
The central bank of the United Kingdom, acting as the government’s bank and lender of last resort. Headquartered in the City of London, it issues currency and oversees monetary policy, making it the UK equivalent of the US Federal Reserve.
Read full definitionBase Rate
The interest rate a central bank, such as the Bank of England or Federal Reserve, charges to lend money to commercial banks. Adjusting the base rate helps a central bank regulate the economy by encouraging or discouraging spending as required.
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