Megan Greene, external member of the Bank of England’s Monetary Policy Committee, has challenged the bank’s estimates regarding wage growth consistent with its 2% inflation target. While the Bank of England assesses this growth at approximately 3.25%, Greene believes forward-looking indicators suggest higher wage increases. This divergence of views could influence the November interest rate decision and indicates a preference for maintaining tight monetary policy. Markets are now reducing the likelihood of a rate cut in November.
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