Economic news

Bank of England’s Pill says pay growth stuck at high level

2024.11.12 05:22

LONDON (Reuters) – Bank of England Chief Economist Huw Pill said labour market data released earlier on Tuesday showed inflation pressures in Britain remained too high for the BoE’s 2% inflation target.

© Reuters. FILE PHOTO: Chief Economist and Executive Director for Monetary Analysis and Research at the Bank of England, Huw Pill meets with reporters in the Reuters' offices at Canary Wharf in London, Britain, September 5, 2023. REUTERS/Suzanne Plunkett/File Photo

“As we saw in the labour market data that was released this morning, pay growth remains quite sticky at elevated levels and levels that, given the outlook for productivity growth in the UK, are hard to reconcile with the UK inflation target,” Pill said during a discussion at a conference organised by bank UBS.

The BoE last week cut borrowing costs for only the second time since 2020 and said further reductions were likely to be gradual as it assessed the persistence of inflation pressures including from the first budget of Britain’s new government.



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