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Two BoE members still wanting higher rates

Two members of the UK MPC want to see higher rates according to the latest MPC minutes, as has been the case since August. Their view is predicated on a tightening of the labour market, leading to firmer wage growth in 2015 and it being better to act pre-emptively, rather than too late. Sterling little changed on the news. Main unemployment rate nudged higher to 6.0%, with weekly earnings data better than expected at 1.4% (3M YoY).

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