BOE member Gertjan Vlieghe comments in a newspaper interview
- Pay growth is accelerating 'quite slowly' despite falling unemployment rate
- Progress towards faster pay growth has been sluggish
No other comments pertaining to monetary policy by Vlieghe but the UK is very much experiencing the same symptoms seen in other economies around the globe. Labour market may be tightening but wages aren't pressured enough to rise despite of that. And that is a dilemma for policy makers as they seek to tighten policies due to the removal of slack in the labour market but then there isn't any signs of lasting cost-based inflation.
