All the day’s economic and financial news, including the latest British unemployment and wage growth figures
There’s early drama in the markets today, as Bank of England deputy governor Ben Broadbent declares that he is not ready to vote to raise interest rates.
“In my opinion, it is a bit tricky at the moment to make a decision (to raise rates). I am not ready to do it yet.”
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Britain’s cost of living squeeze could worsen today when the latest unemployment statistics are released.
The real inflation story in the UK is not the recent pickup in headline CPI inflation, but the failure of earnings growth to follow.
Today’s labour market data will likely see headline earnings growth fall well below 2% y/y, leaving wage growth more than 1% point below CPI inflation.