Analysts at BBH points out that February UK retail sales data will be reported this week and a small rise is expected after declines in both December and January.
“The last time British retail sales fell in three consecutive months was late 2009 and early 2010. We suspect it is not coincidental that wage growth slowed in December and January. We suspect that the weakening wage pressure give the majority at the BOE time to see how the economy evolves before deciding if it needs to take back some of its accommodation.”
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