Hopes of interest rate cut dampened by stubborn wage growth – GBCC responds

Emily Stubbs, Head of Policy at Greater Birmingham Chambers of Commerce (GBCC), said: “Today’s data will be carefully reviewed by those at the Bank of England, as well as across Westminster, as the Monetary Policy Committee look for evidence that inflationary pressures are easing.

“However, increased unemployment and stubborn wage growth at the national level may dampen chances of an early interest rate cut.

“In the West Midlands, unemployment has marginally increased over the year, but by less than the figure for the UK as a whole.

“Nevertheless, the proportion of those in the region unable to access meaningful employment opportunities remains among the highest in the country, and our own surveying indicates that many firms remain unable to access the skilled talent they need to fulfil existing orders and grow.”