The annual growth in average pay including bonuses hit 8.2% in June, according to figures published this morning by the Office for National Statistics.

Investor confidence is back on the up as economists and investors predict that the worst of the inflationary period is behind us, according to the latest HL Investor Confidence Index.

CPI inflation has fallen to 7.9% for the year to June, the lowest level seen for over a year.

There is growing optimism on personal finances for the coming year despite stubborn inflation, according to research group GfK’s long-running Consumer Confidence Index.