MNI BRIEF:More Proof Needed Wage Growth Easing-BOE's Broadbent

Bank of England Deputy Governor Ben Broadbent, one of the Monetary Policy Committee majority backing leaving the policy rate on hold at the two most recent meetings, made the case in a speech Monday for caution in light of data uncertainty.

The Bank's private sector pay measure showed annual growth of only 6.2% in November compared to an annualised 7.2% in the three months to October in the Office for National Statistics' series, Broadbent noted. (See MNI BOE WATCH: MPC Holds Firm, Focus On Inflation Persistence)

"Given the volatility in the official estimates, and the disparity ... among the various indicators we have, it will probably require a more protracted and clearer decline in these series before the MPC can safely conclude that things are on a firmly downward trend," Broadbent said.