mpc.theyserveforyou.com

mpc: 17 There was little news on pay. Private sector regular pay growth had varied little since last summer, according to the three-month-on-three-month measure. Overall annual earnings growth rose a little in November, with a positive contribution from bonuses for the first time since the spring. The three-month measure of settlements remained at around 3.4% in December. A significantly higher-than-average proportion of the private-sector work force typically agreed settlements in January, but it was too soon to have a clear picture of what wage increases had been agreed. The Bank's Agents had reported the results of an informal survey which indicated that settlements might edge up. On top of this, total pay was expected to grow slightly faster than basic pay because of an increase in wage drift. Respondents had cited as reasons for this upward pressure increases in annual RPI inflation rates and the pressures of demand in a tight labour market.