THE economy is in “dire straits” as experts questioned the Tories’ political will to reverse slowing wage growth and falling job vacancies.

The Office for National Statistics revealed today that quarterly pay rises slowed at the fastest pace for two years —falling by 0.5 per cent to 7.3 per cent in the three months to October.

The number of vacancies also fell for the 17th month in a row — the longest period of decline on record — down by 45,000 to 949,000 in the three months to November.