The Bank of England has told us time and time again that pay growth is key to the interest rate outlook.
Greece sent an economic reform plan to its EU and IMF creditors overnight, according to an EU source, and euro zone finance ministers will this morning see the list which is a condition for extending the country’s bailout programme by four months.
Teaching staff and leisure workers have taken the biggest hit to their take home pay in real terms over the last three years, according to the latest edition of Britain’s most comprehensive survey of the labour market.
Bank of England rate setters meeting this week should be in cordial agreement that Britain’s economy is growing at a decent pace, and that price pressures look mostly in check at the moment.
Bank of England Governor Mark Carney shocked markets last week, saying interest rates could rise sooner than expected.