Weak wage growth may be turning, says BOE rate-setter

London

A BANK of England (BOE) rate-setter said on Wednesday that the long run of weak wage growth in Britain might be at a turning point, strengthening the case for higher interest rates now.

Ian McCafferty, one of two BOE policymakers who have voted for higher interest rates since August, said that the economy was running out of slack, despite signs of a slight slowdown, and inflation could pick up more quickly than the bank has forecast.