1301 GMT - Data earlier Thursday showed the U.K. labor market remains resilient, supporting the Bank of England's decision to keep interest rates on hold and indicate a cautious pace of rate cuts ahead, Bank of America analysts say in a note. In its statement accompanying the decision, the BOE said a "gradual and careful approach to the further withdrawal of monetary policy restraint is appropriate." BofA expects the next BOE rate cut will likely to be in May, followed by another two reductions later in 2025. "We expect a modest easing of the labor market," the analysts say. The data showed U.K. weekly pay excluding bonuses stayed high at 5.9% in the three months to January while unemployment remained at 4.4%. (miriam.mukuru@wsj.com)

(END) Dow Jones Newswires

March 20, 2025 09:01 ET (13:01 GMT)

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