British Finance Minister Jeremy Hunt stated that “we must not do anything that risks permanently cementing high prices into our economy, which would only prolong the agony for everyone” in response to the UK labor market figures on Tuesday.
The beat in UK earnings growth, which increased the likelihood of a 50-basis point (bps) Bank of England (BoE) rate hike to 74%, is supporting the rise of GBP/USD back over 1.2200.
In November, the UK’s average hourly wage increased to 6.4%, above predictions of 6.3%.
