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mpc: 26 The annual growth rate of private sector unit labour costs had picked up in 2004 Q4 to around 1½% and some further increase seemed likely. Labour productivity growth had fallen back from its recent high level and earnings growth had picked up. But the latter had been driven recently by increases in bonuses in the financial services sector. If those bonuses constituted profit-sharing, they should affect neither firms' unit labour costs at the margin nor the prices they charged, but it was unclear to what extent that was the case. In contrast, settlements and the growth of regular pay had continued within the ranges of 3-4% and 3½-4½% respectively which had prevailed in recent years. According to the contacts of the Bank's regional Agents, some of the small rise in settlements might have reflected increases in the National Minimum Wage.