The prospects for an interest rate cut next month have not been helped by the latest wage growth figures which have come in higher than expected. Data from the Office for National Statistics showed regular wage growth, excluding the effects of bonuses, was 6% higher over the three months to March compared with a year earlier. That was no lower than the sum reported the previous month.
Read more:UK no longer in recessionInterest rate cut is not far off - but there are complicating factors The Bank feels that the pace, currently around double the rate of price growth, risks fuelling a second round of inflation because more discretionary spending could result in higher prices. Its chief economist Huw Pill later said in a speech that the pay growth rates remain 'quite well above' what would be consistent for meeting the target sustainably.
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