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UK Labour Market (Mar. 2024)

While the further easing in regular private sector pay growth in March suggests that wage pressures faded a bit faster than the Bank of England expected, broader measures of wage growth are probably still a bit too strong for the Bank’s liking. At the margin, this may mean the Bank is a bit more cautious when it comes to the timing of the first cut in interest rates. But as it stands, we still think it will cut rates in June.

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