0758 GMT - Subdued wage growth in Britain strengthens the case for Bank of England interest rates to remain on hold, says Yael Selfin, chief economist at KPMG U.K. Headline wage growth excluding bonuses was unchanged at 3.4% in the three months through May, with little evidence that the recent rise in energy prices has fed through into pay settlements, she says. Private-sector wage growth is now running below levels consistent with the BOE's 2% target, as weak hiring activity continues to weigh on workers' bargaining power. "We expect the BOE to keep interest rates unchanged at next week's meeting, with developments in energy markets likely to play a bigger role in shaping the interest-rate outlook over the coming months," Selfin says. (edward.frankl@wsj.com)

(END) Dow Jones Newswires

July 21, 2026 03:58 ET (07:58 GMT)

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