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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMNI BRIEF: Inflation Is Key Wage Growth Driver - BOE Pill
Inflation, not the tightness of the labour market, was the main force behind elevated wage growth, Bank of England Chief Economist Huw Pill told lawmakers Tuesday, adding that the labour market would ease as the recession continued.
Giving evidence to the Lords Economic Affairs Committee Pill said that inflation was "the more important driver of wage growth," with wage growth of over 6% in private sector earnings incompatible with the Monetary Policy Committee's 2% inflation target.
Pill said that he expected high vacancy rates, distorted in part by the Covid shock, would decline going forward and that unemployment rates would rise, with the weakness in demand reflected in a reduction in working hours and unemployment hitting 6%. Nevertheless, he argued that further rate hikes were needed Asked by former BOE Governor Meryn King if Bank Rate was insufficiently high, Pill said that "I have sympathy with you that 3% is not enough."
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.