UK regular pay grows 5.7% in the three months to May By Reuters

LONDON (Reuters) – British wages excluding bonuses – a key gauge of inflation pressure for the Bank of England as it considers when to cut interest rates – grew by 5.7% in the three months to the end of May compared with a year earlier, official data showed.

Most economists polled by Reuters had forecast wage growth of 5.7%.

The BoE is due to make its next rates announcement in two weeks’ time. After stronger-than-expected inflation data published on Wednesday, investors priced a roughly one-in-three chance of a first cut since 2020 on Aug. 1.