Wage growth in the UK has slowed to the lowest level for more than two years, potentially paving the way for further interest rate cuts by the Bank of England despite concerns about persistent inflation.
The decrease in wage growth signals to the Bank of England that labor market conditions are cooling, supporting the forecast of two more 25bps interest rate cuts later this year.
While wage growth has slowed, the National Institute of Economic and Social Research (NIESR) believes it remains strong and could lead the Bank of England to reconsider future interest rate cuts.
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