No hints of interest rates cuts

THE Bank of England needs to see clearer evidence that wage growth in the UK is slowing before it can think about cutting interest rates, a Bank policymaker has suggested.

Ben Broadbent, a member of the Bank's nine-member Monetary Policy Committee (MPC) which sets UK interest rates, said there is still a lot of uncertainty around how the economy is performing.

How quickly average wages are rising for workers in Britain is an important indicator for policymakers of whether there is pressure on inflation.

Mr Broadbent said, during a speech at the London Business School, that the MPC needs more certainty over the accuracy of current wage growth data.