Bank of England policymaker says he was wrong on wage growth

Ian McCafferty says he has stopped calling for interest rate rise after being surprised by weak growth in pay

A Bank of England policymaker has admitted he got it wrong when predicting a significant pickup in wages, prompting him to abandon his call for a rise in interest rates.

Ian McCafferty, who sits on the Bank's rate-setting Monetary Policy Committee, started voting for rate hikes in August 2015. He was the only member of the nine-strong committee to do so.