UK pay growth cools, keeping BoE on track for another rate cut

Pedestrians walks past Bank of England (BoE) in the City of London - (Photo by Isabel INFANTES / AFP)

LONDON: British pay growth cooled in the three months to July to a more than two-year low and employment shot higher, according to data on Tuesday which is likely to keep the Bank of England on track to cut interest rates again before the end of the year.

British average weekly earnings, excluding bonuses, were 5.1% higher than a year earlier in the three months to the end of July, the Office for National Statistics said, matching the consensus in a Reuters poll of economists.