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MNI INSIGHT: Shrunk, Sick Workforce Adds To BOE Hike Pressure

(MNI) London

Fresh evidence of UK labour supply constraints are supporting the case for tightening by the BOE.

Fresh data highlighting constraints on the UK’s ageing and increasingly sickly workforce are buttressing arguments for the Bank of England to tighten monetary policy.

With a first 50-basis-point rate hike of the cycle on the table for Aug. 4, the Monetary Policy Committee is already worried double-digit headline inflation will feed into wage demands in a very tight labour market. Research published this month by MPC member Jonathan Haskel and Bank economist Josh Martin will only deepen those concerns.

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Fresh data highlighting constraints on the UK’s ageing and increasingly sickly workforce are buttressing arguments for the Bank of England to tighten monetary policy.

With a first 50-basis-point rate hike of the cycle on the table for Aug. 4, the Monetary Policy Committee is already worried double-digit headline inflation will feed into wage demands in a very tight labour market. Research published this month by MPC member Jonathan Haskel and Bank economist Josh Martin will only deepen those concerns.

Keep reading...Show less