Quilter Cheviot’s Raymond says UK wage pressures persist as labor market cools

• Quilter Cheviot investment manager Jonathan Raymond said the UK labor market is cooling, but wage pressure persists, complicating the Bank of England outlook.
• Payrolled employees fell 85,000 year-on-year; unemployment held at 4.9%; regular earnings growth stayed at 3.4%.
• Raymond flagged June borrowing at GBP 16 billion, GBP 7.9 billion lower than a year earlier, leaving limited headroom for costly policy pledges.
• He said gilts weakened on fiscal-rule flexibility talk, but John Healey’s appointment as chancellor signals bond-market discipline.
• Raymond cited an expected first move: a household electricity-bill tax cut funded by scrapping the Digital ID program.

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