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Evening Standard
Evening Standard
Business
Jonathan Prynn

Bank of England faces growing interest rate dilemma with wage growth still ‘uncomfortably high’

Bank of England the Office for National Statistics United Kingdom MPC

The dilemma facing Bank of England rate setters deepened today as official data revealed wages rose father than expected at the end of last year.

Two days ahead of a likely confirmation that the UK economy slipped into recession in the second half of 2023, latest figures from the Office for National Statistics (ONS) showed regular pay went up by an average of 6.2% in the three months to December. 

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