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MNI BRIEF: UK Labour Market Still Very Tight - BOE Bailey

(MNI) London

BOE Governor Andrew Bailey highlights sharp rise in sickness, fall in participation rates.

The UK currently has "a very tight labour market" and that policymakers had been taken by surprise by the scale and persistence of the decline in the participation rate, Bank of England Governor Andrew Bailey said Monday.

Giving evidence to the Treasury Select Committee, Bailey said that the MPC is no longer forecasting a rebound in participation, which it now projects will hold steady at 63%, in part because of the surge in reported long-term sickness.

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The UK currently has "a very tight labour market" and that policymakers had been taken by surprise by the scale and persistence of the decline in the participation rate, Bank of England Governor Andrew Bailey said Monday.

Giving evidence to the Treasury Select Committee, Bailey said that the MPC is no longer forecasting a rebound in participation, which it now projects will hold steady at 63%, in part because of the surge in reported long-term sickness.

Keep reading...Show less