That change of mind follows the latest unemployment report, which showed that UK wage growth accelerated to 6% at the end of last year – three times as fast as the Bank’s 2% inflation target.
As a keen mountain climber, I was very pleased when the MPC’s policy of maintaining Bank rate at a level of 5.25 percent from August 2023 to August 2024 became associated with South Africa’s Table Mountain.
While Dave Ramsden’s speaking in South Africa, UK lender Nationwide was reporting that house price growth “remains solid in February”.
Sir Dave Ramsden has also warned that uncertainty over trade policy could already be hurting the UK economy.
Ramsden is speaking right now at the Bureau for Economic Research, at South Africa’s Stellenbosch University, and he reveals he is now “less certain” that the UK labour market will continue to cool, easing inflationary pressures.
