“The pick-up in wage growth reported by the ONS on Tuesday made the already slim possibility of a rate cut slimmer still. The rise in the consumer price index for November to 2.6% announced on Wednesday killed it off. Services-driven inflation remains a particular concern.
“Given what appears to be persistent domestic pricing pressures, and the potentially globally inflationary impact of at least some of US President-elect Donald Trump’s proposed policy measures, those hoping for a series of rapid UK rate cuts in 2025 may be disappointed.”
