The Bank of England left interest rates unchanged at its recent policy meeting after a series of increases, reflecting falling inflation and weakening growth prospects.
Interest rates remain unchanged but at a 15-year high.
Inflation falling but still high.
Labour Market starting to cool – ONS data for May to July 2023 compared with the previous three-month period (February to April) showed that:
- The unemployment rate rose from 3.8% to 4.3%
- The proportion of those aged 16 to 64 in work decreased from 76.0% to 75.5%
- The number of job vacancies continued to decline from past very high levels.
- A weaker labour market could lead to slowing wage growth and less risk of inflation.
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