‘The labour market … is fizzing away nicely’, calls for rate hike – BOE’s Weale

FXStreet (Mumbai) - Speaking to Financial Times on Tuesday, Bank of England (BOE) policy maker Martin Weale said that tightening of the UK labor market should lead to normalizing monetary policy in the UK while adding that the Central Bank should be ready to start raising the base interest rate as early as in August this year.

Weale is viewed as one of the most hawkish members of the BoE's Monetary Policy Committee (MPC).

Key Quotes:

"the labour market … is fizzing away nicely", with wages rising and the number of unemployed falling.
"If you'd asked me last autumn how rapidly I thought wages might pick up, looking at the most recent numbers, the movement seems to have been a bit faster than that."