Today the Office for National Statistics reported that UK wage growth has failed to keep up with the rising cost of living crisis in recent months, with spokesperson Darren Morgan stating: “Basic pay is now falling noticeably in real terms.”

The ONS found annual growth in pay (excluding bonuses) was 4%, meaning a real-terms pay cut of 1% once price rises were taken into account.

James Andrews, Senior Personal Finance Editor at money.co.uk, said: “Pay growth across the UK is a huge issue across, especially given how fast prices are rising for essentials.

“When times are tough, it’s more important than ever to be savvy about your own salary negotiations. Asking for a pay rise is more of an art than a science, but there are several things you can do to increase your chances of success.

“Firstly, you need to know how your salary compares to others in your company. Following the 2010 Equality Act, workers are entitled to discuss earnings among one another. Doing this may strengthen your position when it comes to bargaining and also help prevent your employer from taking advantage of you.

“It’s also good to know how your salary compares to the industry average in your sector. Search on job sites like Indeed or LinkedIn to see what is being offered for similar positions, and if it’s less than what you’re currently on, use that information as an asset in your negotiations.

“When it comes to naming a figure for your potential pay rise, choose carefully. It’s important to name a figure that will result in a noticeable difference in your take home pay, but doesn’t appear arrogant or outrageous.

“Remember, timing is everything. In the current climate, many businesses and industries are recovering from the impacts of COVID-19, so your request for a pay rise needs to be backed up by hard evidence of recent achievements.

“For example, if you’ve just closed a major deal or completed a large project – something that will have a measurable impact on the success of your business, now may be the perfect time to start negotiations.

“Finally, when asking for a pay rise, try and do it face to face (or via a video call). It’s a much more personal approach than emailing, makes it harder for your boss to say no or ignore, and lets you show that you have confidence in yourself and in your work, even in these trying times.”