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mpc: 25 For earnings growth, the balance of risks was to the upside. It was not clear why recent earnings growth had been so subdued, given the growth of employment and the low level of unemployment. The reasons could be structural or temporary. The increased scope for jobs and workers to cross international boundaries might have had some effect, but the Committee could not be sure what the future impact of that would be. Nor was it clear what the consequences would be of past rises in RPI inflation; wage settlements did not appear to have followed RPI very closely in the past, but the RPI was widely referred to in pay negotiations.