WASHINGTON (Reuters) -Britain’s labour market is weakening, but not at so sharp a rate that it requires the Bank of England to cut interest rates further, BoE policymaker Catherine Mann said on Thursday.
Official data on Tuesday showed Britain’s unemployment rate edged up to its highest in over four years while wage growth slowed.
“What has transpired is that the labour market has modestly loosened but it is not falling off of the cliff,” Mann told an event hosted in Washington by a U.S. foundation, the Reinventing Bretton Woods Committee.
Mann voted against the BoE’s most recent rate cut in August and last month said she believed high British inflation had become persistent and that further rate cuts were unlikely to be appropriate barring a sharp economic downturn.
(Reporting by David Milliken; Editing by Andrea Ricci)
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