0821 GMT - The Bank of England will want to see wage growth slowing further before it can be confident that pay is no longer fuelling U.K. inflation to uncomfortable levels, ING economist James Smith says. Average pay growth was 5.6% on year in the three months to March, slowing from 5.9% in the previous period, figures show Tuesday. "The U.K. labor market is slowing, not collapsing, and that is translating into a steady fall in wage growth," Smith says. The BOE will want to see that trend continue, he says. For now, services inflation will be at the forefront for BOE rate-setters, who will be likelier to ease policy in August if that gauge proves softer than forecast, Smith says. (joshua.kirby@wsj.com; @joshualeokirby)
(END) Dow Jones Newswires
May 13, 2025 04:21 ET (08:21 GMT)
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