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Evening Standard

Business

Simon English

Pay crunch gives Bank of England tough call on interest rates

Bank of England Interest Rates Andrew Bailey City Inflation

Governor of the Bank of England Andrew Bailey is one of the decision markets on the policy committee (Frank Augstein/PA)
(Picture: PA Wire)

THE UK jobs market remains strong but pay is falling at the fastest rate for 20 years official figures today suggest, putting intense pressure on the Bank of England as it ponders the next rise in interest rates due on Thursday.

GDP numbers yesterday suggested the economy is heading for recession and today there was “grim news” on pay, giving the Bank a serious dilemma.

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