LONDON, July 4 /PRNewswire/ --

- Annual Rate of Growth in Take Home Pay Increases to 3.3 Per Cent in
June, According to VocaLink

- Industry Sector Index Increases to 4.8%

- Interest Rate Increase Likely due to Persistent Above Target Inflation

The VocaLink take home pay index(1) shows that growth in take home pay
has risen to 3.3 per cent in June from 3.0 per cent in May. This is the
reversal of a trend which has seen a continued fall in the index since
February 2007.

The VocaLink industry sub-index, which reflects take home pay in the
manufacturing sector registered a substantial increase from 3.4 per cent in
May to 4.8 per cent in June. This is likely to be a result of second quarter
bonuses or redundancy payments artificially boosting the data, as national
statistics demonstrate a continued reduction in manufacturing employment.

The VocaLink services sub-index, which reflects take home pay growth in
the services sector, continued to decrease from 2.5 percent in May to 2.1 per
cent in June.

Richard Cooper, head of marketing and communications at VocaLink, said:
"The VocaLink take home pay index shows the growth rate of take home pay
increased slightly in June. This was led by a strong rise in the
manufacturing sector. An interest rate increase is widely predicted as the
housing market shows limited signs of cooling and so household finances will
continue to tighten."

Douglas McWilliams, chief executive of cebr, the economics consultancy
which analyses the take home pay index for VocaLink, said: "Despite subdued
earnings inflation a rate rise by the Bank of England is expected tomorrow. A
further interest rate hike in November also remains likely, as inflation
remains above target and medium term inflationary risks are all on the
upside."

VocaLink processes over 90 per cent of UK salaries and the VocaLink take
home pay index is the most timely and accurate disposable income data
available in the UK. It is based on actual payments made to employees on a
three-month moving average compared with the same measure a year earlier. It
is affected by changes in tax rates, National Insurance and other employer
payments or deductions.

The VocaLink take home pay index series
    
    Three month average annual change*
    -------------------------------------------------------------------------    
    Year                   2006                               2007
    Month     Jun  Jul  Aug Sept  Oct Nov   Dec  Jan  Feb  Mar  Apr  May  Jun
    -------------------------------------------------------------------------    
    VocaLink 5.2% 5.2% 4.7% 4.2% 3.3% 2.6% 2.9% 3.3% 4.2% 3.7% 3.6% 3.0% 3.3%
    take home
    pay index
    
    VocaLink 4.9% 6.1% 5.6% 5.2% 4.2% 2.7% 2.2% 1.5% 3.1% 2.7% 3.4% 3.4% 4.8%
    industry
    index
    
    VocaLink 5.5% 4.5% 4.0% 3.5% 2.6% 2.5% 3.2% 4.6% 4.9% 4.3% 3.6% 2.5% 2.1%
    services
    index
    -------------------------------------------------------------------------



About the VocaLink take home pay index

The VocaLink take home pay index tracks monthly take-home pay levels in
the UK. It is compiled from the salary payments of a sample of FTSE 350
companies, using data captured by VocaLink which process all automated
payments in the UK including BACS Direct Credits and Direct Debits. VocaLink
works with the centre for economics and business research (cebr) to deliver
economists, analysts and the media with a powerful and timely indicator of
pay inflation, which is an important aspect of the UK's economic performance
and one of the components that drives the Monetary Policy Committee's
interest rate policy.

Methodological Notes

The average payment per employee is estimated from the total value of
payments and the number of transactions and then expressed as an index for
each month. The data uses a three-month moving average to mitigate seasonal
variations and looks at the year-on-year increase to provide a fair economic
indicator that is also comparable with other data.

While the FTSE 350 sample is largely representative of the corporate
economy in the UK, when comparing the VocaLink index data with, for example,
government statistics, it is important to take into account the fact that
some trends, which affect relatively larger firms differently, may have a
disproportionate impact on the VocaLink take home pay index compared with the
government's official Average Earnings Index (AEI). For example, the VocaLink
index does not include the public sector so when pay trends in the public
sector are different from those in the private sector, this will affect the
VocaLink index differently from the AEI.

The VocaLink take home pay index is based on take home pay data. It is
therefore affected by changes in tax rates, changes in national insurance
contribution rates and changes in other employer payments or deductions. The
index data series began in November 2004.

Notes to Editor

About VocaLink

VocaLink is a specialist provider of transaction services to banks, their
corporate customers and Government departments. Having pioneered electronic
payments over four decades ago, the company has been a driving force in
electronic transactions ever since. Many of the world's top banks and their
corporate customers rely on VocaLink to meet their transaction needs. On a
peak day, the VocaLink automated payment platform processes over 80 million
transactions. Its switching platform connects the world's busiest ATM network
of over 60,000 ATMs.

At the heart of the business are robust processing engines that process
domestic and international automated payments and ATM switching solutions.
VocaLink services offer banks reach throughout the Single Euro Payments Area
(SEPA) and beyond.

The VocaLink processing services are augmented by value-added services
that leverage industry expertise and technical capabilities. These help banks
launch competitive products quickly and easily on a technical platform that
is robust and secure. Banks benefit from a shorter time to market for new
products and reduced operational and commercial risk.

VocaLink invests continually in new services. Many new services combine
emerging technologies with the established payments infrastructure. Recent
innovations include:

* White-labelled services to support digital consumer channels
including internet and mobile commerce

* Outsourced services to support domestic and international card usage

* New ways to pay that deliver profitable revenue streams

* Tools to manage payments and reduce costs for banks and their
corporate customers.

Clients that use VocaLink services benefit from a strategic solution
without the need for regular capital expenditure on systems. All VocaLink
services are continually enhanced to keep abreast with changes in
legislation, technology, and market practice. Organisations that choose
VocaLink have a partner with unique experience in the transactions business.
Clients benefit from VocaLink's economies of scale, expertise and constant
service innovation.

Please visit www.vocalink.com for more information

About cebr

Centre for Economics and Business Research ltd is an independent
consultancy with a reputation for sound business advice based on thorough and
insightful research.

Since 1992, cebr has been at the forefront of business and public
interest research. Providing analysis, forecasts and strategic advice to
major UK and multinational companies, financial institutions, government
departments and agencies, trade bodies and the European Commission.

Cebr is recognised as one of the country's leading independent
commentators on economics and business trends. Its forecasts are used by a
diverse audience of business people, policy makers and journalists; even the
Treasury publishes its predictions for the UK economy.

If you would like to receive the monthly press release please email
deborah.souter@vocalink.com

(1) The VocaLink take home pay index is compiled from the automated
salary payments delivered directly into bank accounts by BACS Direct Credit
and processed by VocaLink and the data is based on an annual three-month
moving average (latest data is for April to June).

For further information or to receive the full report please contact:
    Deborah Souter
    VocaLink Limited
    +44-(0)870-920-8651
    deborah.souter@vocalink.com
    
    Belinda Morris
    College Hill
    +44-(0)20-7457-2020
    belinda.morris@collegehill.com