Bank of England Official Supports Steady Interest Rates Amid Rising Unemployment

According to BlockBeats, Bank of England committee member Green has expressed her continued support for maintaining current interest rates, despite recent data showing the UK's unemployment rate has reached its highest level since the pandemic. Green believes the worst period for the labor market has passed and cautions that businesses are anticipating higher wage growth. Her comments came just hours after official data revealed that the unemployment rate rose to 5% in the three months leading up to September, surpassing economists' predictions of 4.9% and marking the highest level since early 2021. In response, traders have increased their bets on a rate cut by the Bank of England, with market pricing indicating an over 80% chance of a rate reduction in December. Green is considered one of the more hawkish members of the nine-person Monetary Policy Committee. Last week, she supported the majority decision to keep rates unchanged, while four other officials advocated for a 25 basis point cut. She described the current policy stance as not being 'meaningfully restrictive.'