It's a big week in the UK. Rishi Sunak’s 99th day as prime minister will be marked mid-week by up to half a million people going on strike. The day after, the Bank of England is likely to raise interest rates to 4% — the highest since 2008.
In his curtain raiser ahead of the central bank decision, Bloomberg's Philip Aldrick details how Britain's “soaring” wage inflation is the problem. The concern is that wages are increasing at the strongest pace on record except for the period directly after the pandemic — even if they are not keeping pace with inflation.
