The following charts compare official data for private sector pay (excluding bonuses), against surveys of companies from the British Chambers of Commerce, the Recruitment and Employment Confederation, and the Bank of England. Each chart shows the official data shifted back by a number of months, based on analysis of how the official data best correlates with each survey. This suggests the official figures correlate best with the BCC survey with a nine-month lag, the REC survey with a 12-month lag, and the BoE survey with a five-month lag.