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BOE: Bailey - no fundamental changes in this morning's labour market report

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  • "On the quantity side... not far out of line with what we were expecting. Pay growth went up, but actually not quite as much as we were expecting."
  • "At the moment, we spend a lot of time on the pay... in the last Monetary Policy Report, you see in what we published, we do think that it's going to come down during the next year. One of the best anchors we have is the survey that our agents around the country do every year, and they think settlements this year are going to come down."
  • "We've used the words gradual and careful. There are two sided risks. We're not providing a steer on we're going to cut... We typically signal policy, but we do take it meeting by meeting. So the one thing I could always predict with total certainty, there's another meeting. So we'll come back in March."
  • Reiterates that careful means "that we've got two sided risks, and we are going to approach it in that spirit."
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  • "On the quantity side... not far out of line with what we were expecting. Pay growth went up, but actually not quite as much as we were expecting."
  • "At the moment, we spend a lot of time on the pay... in the last Monetary Policy Report, you see in what we published, we do think that it's going to come down during the next year. One of the best anchors we have is the survey that our agents around the country do every year, and they think settlements this year are going to come down."
  • "We've used the words gradual and careful. There are two sided risks. We're not providing a steer on we're going to cut... We typically signal policy, but we do take it meeting by meeting. So the one thing I could always predict with total certainty, there's another meeting. So we'll come back in March."
  • Reiterates that careful means "that we've got two sided risks, and we are going to approach it in that spirit."