UK wage growth stifled by tepid investment and low-skilled migration

Bank of England deputy governor claims skew towards low-skilled employment helps explain weak productivity and pay

Low-skilled migration and a reluctance to invest have been cited by a leading Bank of England official as possible factors depressing wage growth and harming Britain's productivity since the deep recession of 2008-09.

Ben Broadbent, one of Threadneedle Street's four deputy governors, said the skewing of employment growth towards the lower-paid and lower-skilled helped explain why pay pressures were so weak.

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