BoE's Huw Pill warns inflation not tamed as 'quite sticky' wage growth persists

Amid hotter wage growth

Bank of England chief economist Huw Pill has said the pressures caused by UK wage growth remains high, potentially challenging efforts to bring inflation sustainably down to the central bank's 2% target.

Following the release of labour market data from the Office for National Statistics this morning (12 November), Pill told a conference organised by Swiss bank UBS "pay growth remains quite sticky at elevated levels". Investors bet on slower pace of rate cuts from BoE as Budget stokes inflation risks These are "levels that – given the outlook for productivity growth in the UK – are hard to reconcile with the UK inflation target", the Monetary Policy Committee member argued.  UK wage growth cooled less than expected in the three months to September, with annual growth in employees' a...