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British companies’ expectations for employment in the year fell last month for the first time in nearly five years, while expectations for future inflation touched the highest level since late 2023, a Bank of England survey showed on Thursday.
The readings underlined the trade-offs faced by the central bank as it weighs further cuts to interest rates, faced with growing signs of a cooling labour market coupled with the highest rate of inflation among Group of Seven economies.
The BoE kept borrowing costs on hold on Thursday, but a narrow vote and signs that Governor Andrew Bailey might soon join those seeking a rate cut increases the chances of a December move after the government’s budget later this month.
The BoE’s Decision Maker Panel showed expected employment growth for companies during the three months to October slipped to -0.1% from zero in September, marking the first negative reading since November 2020, during the COVID-19 pandemic.
Expectations for wage growth ticked higher to 3.7% in the three months to October, the highest reading for five months.
And while companies’ expectations for their own price increases in the year ahead were steady, they predicted consumer price inflation of 3% in the year head, the highest reading since December 2023.
(Reporting by Andy Bruce; editing by Suban Abdulla)
