Bank of England's Greene played down the rising unemployment rate, saying that wage growth is still a concern.

Despite data released on Tuesday showing the highest unemployment rate in the UK since the pandemic began, Bank of England policy maker Megan Greene implied that she still supports keeping interest rates unchanged. Greene, speaking at a UBS conference in London, said she believes the most difficult period in the labor market is behind us, and warned businesses to expect larger wage increases. Her comments came hours before official UK data showed that the unemployment rate climbed to 5% in the three months to September, the highest level since early 2021. Traders have increased their bets on a rate cut by the Bank of England, with the likelihood of a rate cut in December now exceeding 80%.