Accountancy lobby group ICAEW said the weak UK labor market appears likely to
restrain inflation by suppressing wage growth, lowering the probability of a
September Bank of England rate hike. ICAEW chief economist Suren Thiru said the
The labor market remains low‑mobility and stagnant, with rising costs, worsening
global headwinds and greater policy uncertainty leaving employers reluctant to
hire, fire or award large pay rises. Falling vacancies point to weakening labor
demand, and speculation over the autumn budget could further curb hiring.
