Bank set to hold rates as wage growth rises for first time in more than a year

UK wages have surged at their fastest rate on record outside of the pandemic, reinforcing expectations that interest rates will have to rise further as policymakers look to curb stubborn inflation. (Alamy/PA) -

Wage growth has jumped higher for the first time in more than a year, reinforcing expectations that the Bank of England will hold interest rates later this week.

Official figures showed regular earnings growth rose by more than expected, to 5.2% in the three months to October, up from a revised 4.9% in the previous three months and the first time it has risen since August last year.