In recent years UK real wages have been growing faster than labour factor productivity, implying that the labour share has been rising. This paper looks at various definitions of the labour share and derives a measure for the UK, which appears positively correlated with the growth rate of the UK...

In this speech, Stephen Nickell, member of the Bank's Monetary Policy Committee, explains the factors underlying his decision to vote for a rate cut in December and January. After 18 months of below-trend growth, there is now a modest degree of spare capacity in the UK economy. Looking forward,...

Using the accurate and extensive data available in the UK New Earnings Survey, this paper investigates the extent to which nominal wages are downwardly rigid and whether such rigidity interferes with necessary real wage adjustments when inflation is low. Despite the substantial numbers of...