British wages rose faster than anticipated last month, in a move that economists judge may tip the Bank of England towards a further rise in interest rates next month, despite an unexpected increase in joblessness too.
The Office for National Statistics said the unemployment rate edged up to 3.8% - its highest since the second quarter of 2022 - rather than holding at 3.7%, as forecast by economists in a Reuters poll.
"For those of us expecting the Bank of England to keep interest rates unchanged next month, the latest surprise pick-up in UK wage growth undoubtedly puts a spanner in the works," said James Smith, economist at ING. Earlier this month, BoE Chief Economist Huw Pill said he saw signs that pay growth might be slowing, but that it was too early to say the BoE's job was done on interest rates, which it has increased 11 times since December 2021.
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