Carney: No acceleration in 'actual earnings' growth

Bank of England Governor Mark Carney told MPs there has not been an acceleration in "actual earnings" growth.

He told the Treasury Select Committee, "Since 2008 there's only been six individual months in total where average weekly earnings has been above inflation".

ITV News Economics Editor Richard Edgar writes:

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After all the excitement about an imminent rise in rates, Carney tells committee of MPs that the data on wages is still weak[so no need yet?

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Calm down everyone: Carney says what matters to borrowers is not the timing of first rate rise but their path: "gradual but limited" rises.

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