BoE's Bailey: After adjusting for Covid, underlying wage growth is higher than would be expected

Bank of England Governor Bailey on Thursday said that, after adjusting for Covid, underlying wage growth is higher than we would expect for this stage of the economic cycle. We are seeing upwards upward movement in what firms expect wage settlements to be, he noted, though did say that he would not be using the phrase "wage-price spiral" as we are not in that territory.