BOE Chief Economist Pill Warns UK Pay Growth Is ‘Stubbornly High’

Bank of England Chief Economist Huw Pill said data on pay and inflation in the services sector are still “stubbornly high,” warning that there’s a risk price increases will be more persistent than policy makers expect.

Pill said that the news on key underlying inflation signals being watched by the BOE have been “not so good” after new data on Tuesday that showed the labor market is holding up despite a flatlining economy.