Bank of England's Haskel advises against interest rate cuts due to UK's robust jobs market.
Bank of England official Jonathan Haskel has advised against cutting interest rates this summer, suggesting the UK jobs market is too robust. Haskel, a member of the Bank’s Monetary Policy Committee, expressed concern that the labour market remains "tight", which could intensify stronger wage growth. The Bank of England has held rates at 5.25% for almost a year, despite inflation falling back to its 2% target in May.
July 08, 2024
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