UK Junior Treasury Minister Simon Clarke warned in a statement on Monday, if the government gives above-inflation pay awards, they will be in a difficult place, in terms of bringing down inflation.
Key quotes
"We need to be sensible around pay awards."
"We cannot have inflation-busting pay increases because that will in turn drive the problem we're trying to sort."
“We don't expect a recession.”
Market reaction
GBP/USD remains unfazed around 1.2230, up 0.08% so far.
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