Britain’s unemployment rate and wage growth have eased, cementing analyst expectations that the Bank of England will resume cutting interest rates next month.
Office for National Statistics ONS in a statement today said the unemployment rate dipped to 4.0 per cent from 4.1 per cent in the three months to the end of August compared with the three months to the end of July,
The ONS added that annual growth in employees’ average regular earnings dropped to 4.9 per cent in the reporting period, the lowest level in more than two years,
The report “adds further support to widespread expectations that the Bank of England will cut interest rates from 5.0 per cent to 4.75 per cent at the next policy meeting in November”, noted Ashley Webb, UK economist at Capital Economics research group.
