Why hasn't pay kept pace with rising employment?

With workers cheap and easy to obtain, unemployment can come continue to come down without pay inflation picking up

There are more people in work than ever before. The jobless rate is at its lowest since 2006 - the last boom year before the financial markets went haywire. Clearly, the Bank of England should be gearing up to join the Federal Reserve in a coordinated increase in interest rates.

Related: UK jobs data: pay growth slows to 2%