Bailey on labour market data

Bailey on labour market data (he's also said this isn't a monpol forum as it's a presser for the FSR): There are two parts to it, as I said at Mansion House the current level of pay increases are not consistent with the inflation target, that's I'm afraid a fact of life and we have to deal with that. On the other side when you look at the quantities there are some interesting pieces there. It's not actually newer estimates, it's a continuation. If you look at the vacancies to unemployment ratio, for instance, there are some signs of the labour market cooling. We do pick this up when we go around the country, we are hearing these stories although what I will say is that's the job of the MPC. We will pull all this information together and see what we make of it.