Published by Global Banking & Finance Review®
Posted on October 16, 2025
1 min readLast updated: January 21, 2026
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The UK job market is weakening but stable, says BoE's Mann, with no immediate need for further rate cuts despite rising unemployment.
WASHINGTON (Reuters) -Britain's labour market is weakening, but not at so sharp a rate that it requires the Bank of England to cut interest rates further, BoE policymaker Catherine Mann said on Thursday.
Official data on Tuesday showed Britain's unemployment rate edged up to its highest in over four years while wage growth slowed.
"What has transpired is that the labour market has modestly loosened but it is not falling off of the cliff," Mann told an event hosted in Washington by a U.S. foundation, the Reinventing Bretton Woods Committee.
Mann voted against the BoE's most recent rate cut in August and last month said she believed high British inflation had become persistent and that further rate cuts were unlikely to be appropriate barring a sharp economic downturn.
(Reporting by David Milliken; Editing by Andrea Ricci)
Interest rates are the cost of borrowing money, expressed as a percentage of the amount borrowed. They influence economic activity and are set by central banks.
Monetary policy refers to the actions taken by a country's central bank to control the money supply and interest rates to achieve macroeconomic objectives such as controlling inflation and stabilizing currency.
The Bank of England is the central bank of the United Kingdom, responsible for issuing currency, managing monetary policy, and ensuring financial stability.
Inflation is the rate at which the general level of prices for goods and services rises, eroding purchasing power. It is typically measured annually.
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