The average working-age woman in the UK earned 40% less than her male counterpart in 2019. That gap is about 13 percentage points, or 25%, lower than it was 25 years ago. The vast majority of the modest convergence in earnings of the past 25 years can be explained by the closing of the gender gap in education levels. Of the 13 percentage point drop in the gender pay gap, 10 percentage points (or over three-quarters) would have been expected from the rapid catch-up of educational attainment of women, who are now 5% more likely to have graduated from university than men. This suggests that the additional contribution to closing the gender earnings gap from other changes in policy, the economy and society over the past quarter-century has been muted. Inequalities in all three components of labour market earnings -employment, working hours and hourly wages -remained large. In 2019, working women still earned 19% less per hour than men. This gap was 5 percentage points smaller than the gap in the mid 1990s, though again women's relative advances in education can account for the majority of the gain. Gaps in all three components are linked. The fact that women have more career breaks and years working part-time contributes to them having lower hourly earnings further down the line. In a big break from the past, the hourly wage gap between men and women is now bigger for those with degrees or A-level-equivalent qualifications than for those with lower education. It used to be that gender differences in hourly wages were especially large among less-welleducated workers. The introduction of, and increases to, the UK's minimum wage have been an important factor in helping low-paid women. More highly educated women have not made comparable progress. Gender gaps in hourly wage rates are especially large at the top, with women failing to reach the same levels of high pay as men. In 2019, women at the top (90 th percentile) earned per hour only 77% of what their male counterparts did, while that figure was about 90% for women at the bottom (10 th percentile) compared with men at the same level.1 We are especially grateful to Richard Blundell, Robert Joyce and Lucinda Platt for their insightful comments over many discussions. Thanks also to Orazio Attanasio, James Banks, Angus Deaton, Penny Goldberg, other members of the Deaton Review editorial panel, Fran Bennett, Lynn Prince Cooke and Claudia Goldin for their comments at various stages of this project. Special thanks to Gabriel Leite-Mariante (LSE) for research assistance, to Agnes Norris Keiller for work during the initial stages of writing this chapter and to Tom Waters for help with the data. All errors are our own.