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mpc: 20 There was little news on pay. The Bank had received information on only around 15% of the January wage settlements about which it would expect to receive reports. Based on this small sample, there was no evidence yet of an increase in settlements, but it was too soon to draw firm conclusions. Regular pay and overall average earnings growth had picked up in the three months to December compared with the same period a year earlier, but were flat compared with the previous three months. Bonuses had made a negative contribution. But regular pay drift had continued upwards, which was consistent with reports by the Bank's Agents, particularly in business services.