• Doesn’t see a big shift in in natural jobless rate estimates
  • Estimates of trend growth is around 2.25%, below historical average
  • There is a question whether productivity growth in UK can exceed 2%
  • BOE sees signs that bank bonus cap is pushing up regular fixed pay (maybe that’s where his wage growth is being seen
    ;-)
    )

It comes as no surprise that fixed pay has risen after the bonus cap