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UK unions have welcomed Sainsbury’s decision to lift pay by 5% next year, matching the Real Living Wage.

The move means pay will increase by over £1,100 a year for full time hourly-paid colleagues by August, the grocer reports.

“The working relationship between Usdaw and Sainsbury’s continues to strengthen, and we are pleased that the company has again worked closely with our Union’s representatives, during the recent pay consideration meeting.

The business has decided to make a pay award totalling 5 per cent, despite lower inflation rates than last year and following on from previous significant pay increases.

The UK – which has a huge debt, dismal productivity and growth and a thick layer of unnecessary regulation like continental Europe – still has a debt-to-GDP level lower than other developed economies like France, Italy, Spain and Japan! But the country faces relatively tougher market reaction to its political decisions.

I have the feeling that investors somehow continue to blame the UK for its decision to quit the EU.