Justin had this excellent summary yesterday, make sure you've checked in out:

A snippet now via abdrn (yeah, that spelling is correct ... formerly Standard Life Aberdeen, a UK-based investment firm) with a comment on wage impacts;

  • Caution is the Bank of England Monetary Policy Committee byword. It won’t be rushed into what it might view as a hasty decision if it still thinks inflationary pressures are too high and there’s a risk of price rises accelerating again.
  • One factor that might currently be giving it pause for thought is the recent National Living Wage rise. Rate setters will want to make sure that the impact of this is known before moving ahead with a reduction.
Bank of England 28 April 2023