1001 GMT - Slowing wage growth over the coming year should keep the Bank of England secure on its rate-cutting path, economist James Smith at bank ING writes in a note. Average U.K. wages grew more rapidly again at the end of last year, reaching 5.9%, figures show Tuesday. But other signs point to a loosening in the jobs market, which should translate into a gradual deceleration in pay packets, Smith says. Accompanied by an easing in inflation, "this should give the Bank more confidence to keep cutting rates," he says. ING expects the BOE to cut borrowing costs at a rate of once per quarter this year. (joshua.kirby@wsj.com; @joshualeokirby)
(END) Dow Jones Newswires
February 18, 2025 05:02 ET (10:02 GMT)
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