LONDON (Reuters) -Britain's economy is 'moving in the right direction' for the Bank of England to start cutting interest rates, Governor Andrew Bailey said...
LONDON -Britain's economy is "moving in the right direction" for the Bank of England to start cutting interest rates, Governor Andrew Bailey said as two of his colleagues dropped their vote for a rate hike.
"We're not yet at the point where we can cut interest rates, but things are moving in the right direction," Bailey said in a statement. The BoE said it now expected inflation would drop below its 2% target in the second quarter due to the impact of finance minister Jeremy Hunt's decision this month to freeze fuel duty once again.
Employers overall have offered pay settlements of about 5% since the start of 2024. Average wage growth is about 6%, higher than about 4% in the United States and the euro zone.
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