Pro-Palestinian encampment at Dalhousie University - May 13, 2024 | SaltWire #news #halifax #protestLONDON - Britain's labour market remains tight by historical standards despite some signs of a rise in unemployment and a gradual slowdown in the pace of pay growth, Bank of England Chief Economist Huw Pill said on Tuesday.
"We actually got some additional data this morning that would be consistent with a small additional decline in the first quarter," Pill said, referring to private sector regular pay growth, in an online presentation organised by the ICAEW, an accountancy body."There has been an easing of the labour market but it still remains pretty tight by historical standards."
Pill voted with the majority of the BoE's Monetary Policy Committee last week to keep interest rates at a 16-year high of 5.25%. He said on Tuesday it was"not unreasonable" to think the BoE could consider rate cuts over the summer.It has been our privilege to have the trust and support of our East Coast communities for the last 200 years. Our SaltWire team is always watching out for the place we call home.