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Deloitte comments on today's ONS labour market figures

12 September 2023

Commenting on today’s ONS labour market figures, Ian Stewart, chief economist at Deloitte, said:

“The UK is generating higher levels of wage pressures than other major industrial countries. Pay growth of over 8% is not consistent with the Bank of England’s 2% inflation target, and despite a softening labour market, it seems likely that the Bank will raise interest rates again when they meet next week.”