Bank of England chief economist Huw Pill has said the pressures caused by UK wage growth remains high, potentially challenging efforts to bring inflation sustainably down to the central bank's 2% target.
Following the release of labour market data from the Office for National Statistics this morning (12 November), Pill told a conference organised by Swiss bank UBS "pay growth remains quite sticky at elevated levels". Investors bet on slower pace of rate cuts from BoE as Budget stokes inflation risks These are "levels that – given the outlook for productivity growth in the UK – are hard to reconcile with the UK inflation target", the Monetary Policy Committee member argued. UK wage growth cooled less than expected in the three months to September, with annual growth in employees' a...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
