UK wage growth weak but likely to keep BoE on track for rate hike

British pay growth has lagged behind inflation again, official data showed on Wednesday, but the figures are likely to cement expectations among investors that the Bank of England will soon raise interest rates for the first time in a decade.The data also showed the unemployment rate between June and August held at its 42-year low of 4.3 percent, one of the reasons why the BoE thinks pay is likely to pick up soon.Despite a slowdown in Britain’s economy this year, the central bank is widely expected to increase rates to 0.50 percent from an all-time low of 0.25 percent on Nov. 2, at the end of its next meeting.

Source: UK wage growth weak but likely to keep BoE on track for rate hike – Reuters

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