UK wage growth excluding bonuses slowest since June 2022
Data keeps Bank of England on track to cut rates in November
Budget looms over jobs market, Reeves hints at NI hike
Vacancies fall close to preCOVID norms

LONDON, Oct 15 Reuters British pay grew at its slowest pace in more than two years in the three months to August and vacancies fell again, according official data that will probably be welcomed by the Bank of England as it considers when to cut interest rates again.

Average weekly earnings, excluding bonuses, were 4.9 higher than a year earlier in the three months to the end of August, the Office for National Statistics said, in line with the median forecasts of economists polled by Reuters.

Sterling was little changed against the U.S. dollar after the figures were published and investors maintained their bets on an interest rate cut next month, with markets showing an 80 chance of a quarterpoint reduction on Nov. 7.

The BoE cut borrowing costs in August but kept them on hold at its September meeting, saying it wanted to see further signs that inflation pressures were abating.

Data due on Wednesday is expected to show Britain39;s consumer prices index fell to 1.9 in September, below the BoE39;s 2 target, although core inflation is likely to be stronger, according to the economists polled by Reuters.

For now, another interest rate cut in November looks nailed on, and we will see how the budget changes the outlook for the path of rates from there, Luke…