• There has been a lot of emphasis on UK recession rather than strong story on employment

For now, their current policy stance is to stay on hold. As such, they will put out whatever narrative to support that. You can’t fault Bailey for trying to sell this side of the story, but the latest UK labour market report does come with a big caveat as highlighted in the report here at the time.

This article was written by Justin Low at www.forexlive.com.