BOE's Pill: Wage growth running too fast at present

Bank of England Chief Economist Huw Pill said on Wednesday that wage growth in the UK is running too fast at present, as reported by Reuters.

Pill further noted that the companies' pricing pass-through was excessively high. "I don't want people who are subject to political forces setting monetary policy," Pill added.

Market reaction

These comments don't seem to be having a noticeable impact on the British pound's performance against its major rivals. As of writing, the GBP/USD pair was trading at 1.2235, where it was up 1.3% on a daily basis.