Pay growth catches up with price rises

The Bank of England hawks, who want to raise rates further, will focus on record earnings rises, in cash terms (though it is important to note that real earnings flat at zero, using the Consumer Prices Index measure, is still far from normal for a measure which before the Great Financial Crisis, grew by 2% in a typical year). The doves, who think we have perhaps had enough rises for now, will focus on rising joblessness and fewer vacancies. All eyes now on the inflation data next week, before a decision next Thursday.