Annual growth in average private sector weekly earnings — the measure most closely watched by rate setters — slowed to 3.9 per cent in the three months to October, down from 4.2 per cent the previous month. Ashley Webb, at the consultancy Capital Economics, said this strengthened expectations that the BoE would “deliver a present just in time for Christmas” by lowering borrowing costs, provided there was no unwelcome surprise in inflation data due on Wednesday.