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MNI BRIEF: BOE Broadbent: See Acute Labour Supply Shortages

(MNI) London

UK labour supply shortages were "pretty acute," with one key factor the fall of around 450,000, compared to pre-Covid, in labour force participation, Bank of England Deputy Governor Ben Broadbent said Tuesday.

Older workers appear to have retired earlier and younger workers to have stayed more in education, Broadbent told lawmakers. He said that the UK labour shortages were more pronounced than in the EU but less marked than in the US, with the latter seeing an even more stressed labour market. Broadbent said that he thought "participation would go up" with one million jobs furloughed at the end of the scheme in September, but that higher wages were "an inevitable outcome" in some parts of the labour market at present.

The BOE MPC are looking closely at labour market metrics ahead of a policy decision on potential rate hikes at the December meeting.

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
Bank of EnglandCentral Bank NewsPolicy NewsHomepageCEEMEABank Of England (BOE) Market NewsBriefUKStoryRegion
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MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
Bank of EnglandCentral Bank NewsPolicy NewsHomepageCEEMEABank Of England (BOE) Market NewsBriefUKStoryRegion
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