Warning Overwages As Home Loans Hit New High

Summary

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MORTGAGE lending soared by 20% to record levels last year, it was revealed today as one of the Bank of England's interest-rate setters warned a shortage of skilled labour could force wage inflation higher.

Monetary policy committee newcomer Professor Tim Belsey said the growth of the service sector over manufacturing made it harder for his colleagues to judge how much spare capacity there is, "which is germane to judgments about the current strength of the UK economy."

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Warning Overwages As Home Loans Hit New High

The Council of Mortg...

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