No big pay rises for Britons despite inflation, says Bank of England

Bank forecasts that UK pay growth is likely to slow despite hopes being raised as economy shrugs off effects of Brexit vote

Hopes of bumper pay rises as the economy shrugs off the effects of the Brexit vote appear to be dashed by a Bank of England survey that predicts a decline in wages growth this year.

A report by the central bank's regional agents found that the increase in average pay settlements, far from strengthening in response to higher inflation, will decline from 2.7% to 2.2% this year.

Related: Bank of England sharply raises UK growth forecast