Bank of England Official Urges Holding Interest Rates Steady Amid Tight Labour Market

Jonathan Haskel emphasizes the need for caution, citing persistent inflationary pressures despite recent economic improvements.

Haskel, a member of the Bank's Monetary Policy Committee, recommends maintaining the current 5.25% rate.
Inflation has reached the Bank's 2% target, but wage growth and services inflation remain high.
Economists and financial markets are divided on the likelihood of a rate cut in August.
Haskel's stance contrasts with the European Central Bank's recent decision to cut rates.
His term on the committee ends in August, with a new member to be appointed by the Chancellor.