Hopes grow of double interest rate boost before Christmas as wage growth slows again - with crucial inflation numbers due tomorrow
Daily MailHopes of a double interest rate cut boost before Christmas rose today as wage growth slowed again. Regular pay went up by an annual rate of 4.9 per cent in the three months to July - from 5.1 per cent in the previous quarter. Bank governor Andrew Bailey suggested recently that rate reductions could be 'more aggressive' if the economic picture develops as predicted Together with signs of a cooling jobs market, that has reinforced hopes the Monetary Policy Committee will cut interest rates from 5 per cent to 4.75 per cent next month, and again in December. The ONS said average regular earnings growth eased back to 4.9 per cent in the three months to July, down from 5.1 per cent in the previous three months. Regular pay went up by an annual rate of 4.9 per cent in the three months to July - from 5.1 per cent in the previous quarter However, the UK unemployment rate unexpectedly eased back to 4 per in the three months to August, down from 4.1 per cent in the previous quarter.
History of this topic
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