Supermarket wage wars risk derailing interest rates cuts [Yahoo! Finance]
MARKS & SPENCER GRP S/ADR (MAKSY)
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markspizzeria.com
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Source: Yahoo! Finance
Asda on Friday announced it would put £150m into higher pay, increase hourly wages by 8.4pc £13.21 in London and £12.04 outside the M25. Days earlier Marks and Spencer had said it would boost hourly pay for its 40,000 from £10.90 to £12 in April – a 10pc rise. London staff will get an hourly increase of more than £1 to £13.15. What will be cheered in the aisles will be less well received in Threadneedle Street. Bank of England officials are monitoring wage rises across the economy with concern. Officials have repeatedly said that continued strong pay growth is giving them pause when it comes to lowering interest rates. “This is a key risk and a key threat to the argument that interest rates are going to be reduced in the second half of this year, or maybe even this summer,” says Paul Dales, chief UK economist at Capital Economics. Wages in the private sector rose by 6.2pc in the final three months of the year when excluding bonuses, figures from the Office for National Stat
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