Bank of England deputy urges caution on interest rate rise

Jon Cunliffe signals he will vote against increase amid lack of strong wages growth

A Bank of England deputy governor has signalled he is unlikely to vote for an interest rate rise while wage increases remain more subdued than the Bank's forecasts.

In a speech in Cumbria, Jon Cunliffe said the lack of strong wages growth meant there was a case for "stodginess" or caution before raising interest rates, leaving him isolated on the nine-strong monetary policy committee.