UK Inflation Expected to Fall, Bank of England Keeps Rates Unchanged, Unemployment Measure Changed

UK inflation is expected to fall in line with the rest of the world, driven by a drop in energy bills. The Bank of England has decided to keep interest rates unchanged, stating that monetary policy will need to remain tight for an extended period. The unemployment measure in Britain has been changed, raising concerns for policy makers at the Bank of England. UK businesses are growing more pessimistic, leading to hiring freezes and staff cuts. The Bank of England Governor has stated that wage growth is still too high for the central bank's inflation target.