{
  "id": 7525206,
  "title": "Bank Of England: Jobs data supports steady policy – ING",
  "url": "https://urgent.news/2026/09/15/bank-of-england-jobs-data-supports-steady-policy-ing",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-15T09:58:31.000Z",
  "source": {
    "name": "FXStreet",
    "slug": "fxstreet",
    "url": "https://www.fxstreet.com/news/bank-of-england-jobs-data-supports-steady-policy-ing-202609150958"
  },
  "original_language": "en",
  "account": "ING economist James Smith asserts that the latest UK jobs data reveal a weaker job market and slower wage dynamics, diminishing the likelihood of another inflation spike. He points out that private sector wage growth aligns with the Bank of England’s 2% inflation target, and ING's assumption is that the Bank of England (BoE) will maintain interest rates steady into the following year, despite escalating energy prices. All of this coincides with the subdued wage growth observed. It's worth noting that private sector wage growth seems to have hit a floor of 2.9% or approximately 3.3% when taking into account compositional effects. Nonetheless, the fundamental narrative remains unchanged. Private sector wage growth is in line with a medium-term inflation target of 2%, according to the Bank of England's evaluation earlier this year.\n\nEssentially, the fact that the UK job market is considerably cooler than it was during the Ukraine shock four years ago implies a reduced likelihood of experiencing significant secondary effects on inflation due to higher energy prices. This viewpoint is gaining increasing confidence among the Bank of England's dissenters. Therefore, while a rate increase cannot be entirely dismissed later this year if energy prices remain elevated, we anticipate a 6-3 vote to maintain rates at the current level this week, and we don't believe a complete shift towards hawkish policies by the committee is imminent. This latest jobs report serves as yet another indication that the UK economy is considerably less prone to another prolonged inflation wave. Although a rate hike cannot be ruled out if energy prices persist, our baseline expectation is for the Bank of England to keep policy unchanged into the next year.",
  "summary": "ING economist James Smith argues that recent United Kingdom (UK) jobs data underline a cooler labour market and weaker wage dynamics, reducing the risk of another inflation surge.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}