UK private sector wages rose in November by almost double the pre-pandemic rate – 6.5% compared with 3.8% – and yet the Bank of England is expected to consider the outlook for employment to be weak enough in the coming months to justify interest rate cuts.
The Bank’s monetary policy committee (MPC) meets next month to judge the health of the economy and whether interest rates at 5.25% are too much of a dead weight on households and companies.
